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 @ 1.1106/09...Bearish biased
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R: 1.1140 / 1.1180 / 1.1240
S: 1.1087 / 1.1050
Our expectation of a fall in the pair has materialized and the CHF is currently trading at its highest level since WWII against the USD. Now there could be further fall in the USD, towards 1.1000, where a lot of option structures are present. Today, there is small Support near the current level of 1.1087, the statistically projected Max Low for the day. On the upside the immediate Resistance would come in at 1.1140 and 1.1180. The larger Resistance is at 1.1240, a rally above which is required to question the current downside potential.

Please note that the market is now coming close to the level of 1.10, where a huge number of Option Knock-Outs are present. Since most of these KOs have been SOLD to Corporates, one might expect the Banks to try and trigger the KOs.


 
 GBP-USD @ 2.0612/16.....Holding Longs
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R: 2.0690 / 2.0740
S: 2.0600 / 2.0560
GBP-USD has had a sharp rally during the day, and looks set for further gains over the next few hours. Now for the day the Resistance would come in at 2.0690. Above that a rally towards 2.0740 could also be seen. On the downside the Supports are at 2.0600 and 2.0560. We are holding two long positions.

Holding:
GBP 10K Long at 2.0510, TSL 2.0570, TP 2.0720
GBP 10K Long at 2.0582, SL 2.0570, TP 2.0690


 
 AUD-USD @ 0.8893/97....Possibly Higher
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R: 0.8950 / 0.8980
S: 0.8860 / 0.8820
AUD-USD has rallied sharply off the lows of 0.8759 seen earlier today and has once again taken Support near 0.8750. This level is very important and a break below that on a closing basis (if seen) could result in a sharper fall (possibly towards 0.8500) in the days ahead.

Now the immediate Resistance comes in at 0.8950, on the trendline on the 4-Hourly joining the highs of 0.9076 (14-Nov) and 0.8999 (18-Nov). Above that the Resistance is at 0.8980. On the downside the Supports are at 0.8860 and 0.8820. The pair is likely to continue with its recovery later on in the day.

Happy Trading!