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 @ 1.1018/22...Resistance near 1.1060-65
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R: 1.1060-65 / 1.1100 / 1.1140
S: 1.1000 / 1.0960
After breaking through the Stops and options knockout below 1.1000 to record a Low of 1.0887 earlier today, USD-CHF has bounced back to a high so far near 1.1049. Intraday, the Resistance currently are at 1.1049 and at 1.1060-65, on a steep trendline joining the highs of 1.1641 (01-Nov) and 1.1204 (19-Nov). A break thereof is needed in order to test the next Resistance at 1.1100.

We would now suggest caution on both Longs and Shorts, as some sideways consolidation is now likely.


 GBP-USD @ 2.0583/87.....Bearish biased
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R: 2.0640 / 2.0690
S: 2.0580-70 / 2.0540
GBP-USD has had a sharp surge earlier today and then an equally sharp fall. At the same time, the GBP has lost ground in all its crosses against EUR, against JPY and against CHF over the last few days. This indicates that the upmove in the GBP-USD (from Low of 2.0353 on 16-Nov) was a default move of a bearish USD sentiment; as such GBP-USD could be most vulnerable for a downside if there is a small correction in the USD sentiment in the next few days.

A break below intra-day Support at 2.0550 can trigger a further fall towards 2.0400 going into next week. On the upside the Resistance would come in at 2.0640 and then at 2.0690. A rally towards 2.0640 could be used to sell with SL above 2.0700, targeting 2.0475, possibly 2.0450.


 
 AUD-USD @ 0.8724/28....Holding Short for Long term
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R: 0.8770-80 / 0.8810
S: 0.8700-0.8690 / 0.8650-41
AUD-USD has been under pressure for the last 7 days now, and remains so currently. Small rallies are being used to sell the pair, and this is likely to continue while it trades below 0.8900-9000. On the downside, the immediate intraday Support today come in at 0.8700-0.8690, and a break below that could see a bigger fall towards 0.8650-41, the statistically projected Max Low for the day.
The immediate Resistance is at 0.8770-80. Above that the Resistance is at 0.8810. We are holding a Short position currently for the Long Term targeting 0.8500.

There needs to be a daily close above 0.9000 to question further downside potential in the pair. Note that there are elections in Australia tomorrow (Saturday, 24-Nov-07). A surprise result there could lead to a large movement in the Australian Dollar.

Holding (in Long Term):
AUD 10K Short at 0.8724, SL 0.9150, TP 0.8500

Happy Trading!