EURO, JAP YEN and EURO-YEN
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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USD-CHF @ 1.2038/42….…… Resistance near 1.2070
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R: 1.2070 / 1.2100
S: 1.2000 / 1.1980
USD-CHF has rallied during the day and with that the pair is once again coming close to its important Resistance of 1.2070, which has been holding for over a week now. As such, that needs to be crossed and sustained for a larger rally to be seen. If that is crossed, then the pair would see a rally towards 1.2150.

The immediate Resistance above 1.2070 is at 1.2100. On the downside the Support is at 1.2000 and then at 1.1980. The bias for the pair is cautious currently.
 


 GBP-USD @ 2.0566/71….Buy a dip
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R: 2.0622 / 2.0650
S: 2.0560 / 2.0530 / 2.0507
GBP-USD had a good upmove at the end of last week, and with that the pair has moved above its important level of 2.0523, which was under watch last week. However, with the passage of one week, the trendline on the weekly joining the highs of 1.8503 (Sep-05) and 1.9849 (Dec-06) has moved up and is now providing the Resistance at 2.0585 (Intraday high today was 2.0602). As such, some caution would be warranted. However, the pair is expected to test 2.0700 in the week. On the downside 2.0500 would be needed to be broken on a daily close basis to trigger a bigger and deeper correction.

The immediate Support for GBP is near 2.0550, which comes on the trendline on the 4-Hourly, joining the lows of 2.0057 (06-July) and 2.0438 (17-July). A break below that could trigger a fall towards 2.0500. On the upside the Resistance is at 2.0600 and 2.0622, the statistically projected Max High for the day. The bias is currently bullish and we would like to buy a dip.

Limit Buy Order:
Buy GBP 15K at 2.0550, 2.0490, TP Open


 
 AUD-USD @ 0.8831/35………..Support at 0.8760-50
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R: 0.8836 / 0.8847
S: 0.8770 / 0.8757
AUD-USD has had rally for the last 12 days on a trot. When looked from a weekly angle, the pair has gained for five consecutive weeks. Therefore this week we may see some caution particularly going into Wednesday, when the Australian CPI comes out. However we have no evidence of a larger correction as yet, which will be triggered on a break below 0.8700 on a daily closing basis. As such, we may be in for a slightly ranged week with buying on dips preferred.

The pair hit a high of 0.8847 earlier during the day and has come off a bit from there. Currently on the upside the Resistance is at 0.8850 and at 0.8880. On the downside the Support is at 0.8800 and 0.8770. The bias for the pair remains positive currently.

Happy Trading!