EURO, JAP YEN and EURO-YEN
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Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
http://www.kshitij.com/fxthoughts/fxthoughts.shtml#register

Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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USD-CHF @ 1.2176/81.…… Support at 1.2150.
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R: 1.2200-10 / 1.2240-42
S: 1.2140 / 1.2110
USD-CHF continues to hold below 1.2200 and seems to have got stuck in a small range of 1.2140 and 1.2190 for the last couple of days. The pair needs to move out of this to show a directional move. On a rally above 1.2200-10, there could be a rally towards 1.2240-42, the statistically projected Max High for the day.
On the downside the Support is at 1.2140 and then at 1.2110, the statistically projected Max Low for the day. The bias for the day is neutral to slightly bullish.

US Trade Balance comes out later today. See chart at http://www.kshitij.com/utilities/funcharts/ustrbal.shtml.
 


GBP-USD @ 1.9894/99…...Holding Long
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R: 1.9920 / 1.9960
S: 1.9850 / 1.9820 / 1.9780
GBP-USD has been volatile during the day as it initially slipped to a low of 1.9850 but found Support there and has bounced back. Now this Support is an important one and while this holds, there could be a bounce towards 2.0000 in the next few days. On the downside, a break below that could result a fall towards 1.9700 in the next few days.

Today the Support is at 1.9850 and then at 1.9820. On the upside the Resistance is at 1.9920 and then at 1.9960. We think that the Support of 1.9850 would hold and we are holding a long position.

Holding:
Long GBP 15K at 1.9900, SL 1.9840, TP 2.0050. As soon as the market trades 1.9950, bring SL up to 1.9860.

Fundamentally, the BOE has raised rates by 25bps to 5.50%. See chart at
http://www.kshitij.com/utilities/funcharts/ukboe.shtml.

UK Trade Deficit was wider than expected. See chart at http://www.kshitij.com/utilities/funcharts/uktrbal.shtml.


 
AUD-USD @ 0.8315/19…….Holding Long
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R: 0.8339-43 / 0.8360
S: 0.8300 / 0.8280 / 0.8250
AUD-USD has been maintaining a bullish bias during the day and hit a high of 0.8339 during the day. It is currently consolidating above its important level of 0.8300. Now today, if that high is crossed then there could be a rally towards 0.8360 over today or tomorrow. Note the statistically projected Max High for the day is at 0.8343 and the pair has nearly tested those levels earlier today, so there could be a rally tomorrow morning.

On the downside the Support today is at 0.8300 and then at 0.8280. The bias for the pair is bullish and we are holding a long position.

Holding:
Long AUD 20K at 0.8327, SL 0.8270, TP Open. As soon as the market trades 0.8340, bring SL up to 0.8280

Happy Trading!