EUR-JPY @ 131.86/89...Broad range long term
R: 132.66-83 / 133.45-70 / 135.40
S: 131.57-48 / 130.95-62 / 130.04
The Cross, too, seems to have gotten ranged like most other currencies. Having risen above the near term moving averages on the daily, the pair may now move further up towards the flattening 200-DMA which at 132.83 today. Overall the pair has been ranged between 126-139 over the last several months and shall continue to be unless broken.
For today, the pair has important Support near 131.50, which if broken may lead to a test of 130.80 soon thereafter.
USD-CHF @ 1.0354/58...Look for a range of 1.0300-0450 for this week
R: 1.0390 / 1.0425-50 / 1.0500-20
S: 1.0290 / 1.0250-30 / 1.0215
After falling from last week's high of 1.0503, Swiss is continuing to trade in a narrow range of 1.0320-90 over the last few days. The pair is still within the broader downtrend with significant Resistance in 1.0425-50 region. A break above this Resistance region might see a rise once again towards 1.0500-20. On the downside Support is seen at 1.0290, a break below which might pull it down towards 1.0200. Overall, the broader picture still remains bearish and we may expect it to trade in the range of 1.0300-1.0450 this week as the market approaches the year end.
GBP-USD @ 1.6007/10...Overall bearish. Ranged near term.
R: 1.6104-18 / 1.6172 / 1.6225-31
S: 1.5980-75 / 1.5828 / 1.5721
Cable has been ranged over the last few days. It has however broken above the 8-DMA (1.5983) on the daily candles yesterday. Having fallen below the 200-DMA last week, the pair has rendered itself bearish for a test of 55-week MA which is at 1.5636 presently. Till it continues to stay below this 200-DMA, the bearish sentiments would be alive. The weekly charts suggest that the pair is in the process of making a double top, which shall be confirmed only on a break below the 55-week MA. Till then, the pair is moving in a long term range of 1.56-1.70.At the moment, it is likely to remain ranged till the rest of the year and early January. The Projected Max High and Low for the day is at 1.6172 and 1.5828 respectively.
AUD-USD @ 0.8883/87...Support at 0.8835
R: 0.8890 / 0.8970 / 0.9030
S: 0.8868 / 0.8835 /
Aussie is in between the 61.8% Fibonacci Fan line Support currently at 0.8835 [drawn by joining 13-Mar-09 low (0.6304) and 03-Jun-09 high (0.8240)] and the 100-DMA (0.8890) Resistance over the last few days. Though it has risen from last week's low of 0.8735, it is not showing much strength on its upmove now. We might look for a range of 0.8830-0.8930 for the day. A break above 0.8930 might see a rise towards 0.8980-0.9000. The 21-Week MA (0.8868) is the significant level to watch for. A strong weekly close above this 21-Week MA would see the broader uptrend continuing in the coming weeks. The trading is expected to be muted as the market is approaching the year end and we might expect it trade between 0.8800-0.9000 for the rest of the week.
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