EUROUSD

 

USD-CHF @ 1.0258/61

R: 1.0290 / 1.0330-50 / 1.0380
S: 1.0250 /1.0200-1.0180 / 1.0130

The Resistance at 1.0290 is continuing to keep Swiss pressured on the downside. However, a break below the Support at 1.0250 was not seen during the day. As the broader picture continue to remain bearish, we expect the Resistance at 1.0290 to hold in the coming session and see a break below the Support at 1.0250. AS mentioned earlier a break below 1.0250 might pull it down towards 1.0200-1.0180. However, if the immediate Support at 1.0250 continues to hold and it gains upside momentum, a break above 1.0290 might see 1.0330-50 on the upside.

We expect the market to remain silent as the US market is closed today on account of Martin Luther King’s day.

 

GBP-USD @ 1.6340/44

 

R: 1.6403 / 1.6500
S: 1.6338 / 1.6293 / 1.6216

Cable has risen during the day, slightly above the Resistance zone we had been speaking of over the last 3 days. It has come down since then. A significanct rise above the Resistance zone is likely to lead the pair towards the upper end of the long term range which is at 1.6750. If during the next couple of days, the Resistance is not breached significantly, the pair may come down towards 1.61. For today, the Projected Max High and Low is at 1.6403 and 1.6216 respectively. Today, the US is on a holiday and hence there ought to be thin volumes during the US session.

Over the last several months, the pair has been largely oscillating in a long term range 1.5800-1.6750 with small spikes outside the range.

 

AUD-USD @ 0.9255/58…Holding Long

 

R: 0.9280 / 0.9330 / 0.9410
S: 0.9200-0.9180 / 0.9130 / 0.9070

Aussie has risen during the day and is keeping up the overall bullish sentiment intact. As mentioned earlier we might see a rise towards the significant Resistance region 0.9300-30 in the coming sessions, A strong break above 0.9330 might take it further up towards the previous high of 0.9405 (16-Nov-09). Any sharp downmove is not looking likely now and we expect the Support in 0.9200-0.9180 region continue to hold.

We expect the market to remain silent as the US market is closed today on account of Martin Luther King’s day.

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