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 @ 1.1318/22.....Remains in a Downtrend

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R: 1.1360 / 1.1400
S: 1.1285-80 / 1.1200
USD-CHF has had a climatic plunge (once again) during the day in which it tested a low of 1.1287, near its Dec-2004 Low of 1.1285. As of now, that is holding. That also comes on a trendline on the Monthly Candles joining the lows 1.1100 (Apr-95) and 1.1285 (Dec-04). A break below that could see another sharp plunge possibly towards 1.1200.

On the upside the immediate Resistance is at 1.1360 and 1.1400. The pair is bearish biased while below 1.1500 on a daily close basis, and there needs to be a move above the latter to question the current scope for further downside.
 

GBP-USD @ 2.1005/09.....Resistance at 2.1054-55
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R: 2.1054-55 / 2.1100
S: 2.0950 / 2.0884
GBP-USD rallied to a high of 2.1054 during the day and with that our TP at 2.0980 was hit on Long which was entered at 2.0821.
As of now, 2.1054 is holding, which also comes on a trendline on the on the Weekly Candles joining the highs of 1.9028 (May-06) and 2.0657 (July-07). This trendline disregards the spike to 1.9849 in Dec-06. Above this the Resistance is at 2.1100. Note that currently the pair is trading near the statistically projected Max High for the day of 2.1002.
Immediately on the downside the Support is at 2.0950 and then at 2.0884, the statistically projected Max Low for the day. The momentum for GBP is currently positive and it needs a daily close below 2.0800 to question the current uptrend, which is accelerating.


 
AUD-USD @ 0.9374/78.....Resistance at 0.9442
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R: 0.9380 / 0.9442-45
S: 0.9300 / 0.9250
AUD-USD has had a sharp rally after the RBA hiked interest rates by 25 bps and also issued a hawkish statement. This propelled AUD to fresh 23+ year highs to a high of 0.9400, just above its immediate Resistance near 0.9378-80 which comes on the trendline on the daily candles joining the highs of 0.8876 (25-July) and 0.9347 (31-Oct). A move above that could result in a rally towards 0.9442, on the trendline on the 4-Hourly joining the highs of 0.9084 (15-Oct) and 0.9349 (31-Oct).
On the downside the Supports are at 0.9340 and 0.9284, the statistically projected Max Low for the day. There needs to be a move below 0.9200 on a daily close basis to question the scope for further upside.

The RBA hiked rates earlier today. See AUD Libor and RBA Rate chart at
http://www.kshitij.com/fundamentals/funcharts/aurba.shtml

Aussie Labour Force data is coming out tomorrow morning. See chart at
http://www.kshitij.com/fundamentals/funcharts/aulab.shtml


Happy Trading!