R: 1.0460-66 / 1.0530-50 / 1.0600
S: 1.0400 / 1.0360 / 1.0330
Swiss is continuing to trade above 1.0400. Channel line Resistance is seen at 1.0460 [Channel formed by joining the lows of 1.0210 (24-Sep), 1.0276 (28-Sep-09) and highs of 1.0323 (24-Sep-09), 1.0403 (29-Sep-09) on the 4-hr chart]. Also note that 1.0466 is the 38.2% retracement level of the fall from 1.0934 (30-Jul) to 1.0176 (22-Sep). A strong break above these Resistances (1.0460-66) might increase the chances of a further rise towards 1.0530-50 in the coming days.
On the other hand, if the Channel Resistance holds, we might see a downmove towards 1.0360 which is the lower end of the channel mentioned above. As of now, we would remain cautious for sometime and watch the market.
R: 1.6067-84 / 1.6125 / 1.6186-92
S: 1.5949 / 1.5852-24 / 1.5616
Cable had risen towards 1.6023 during the day and has come down once again. Sellers are likely to come in at every rise in Cable. Sell rallies is suggested. But one should be cautious that if it continues to trade above 1.59, there are chances of a rise towards 1.62 before it slides once again towards the S-H-S target of 1.54. We are looking to sell Cable at higher levels. To see the chart of Cable, click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle
Limit Sell Order:
Sell GBP 10K at 1.6080, SL 1.6130, TP Open
Sell GBP 10K at 1.6170, SL 1.6240, TP Open
R: 0.8835-50 / 0.8925 / 0.9015
S: 0.8750-30 / 0.8700-0.8680 / 0.8630
Aussie traded between 0.8774-0.8732 during the day, with lack of strength on either side of move. As mentioned earlier Support is seen in the region 0.8750-30 which we expect to hold in the US session as the over all picture continues to remain bullish. Also note that the projected Max-low for the day is 0.8754. However a break below this Support region might see 0.8700-0.8680 on the downside. On the upside Resistance is seen in the region 0.8835-50, a break above which might see a rise towards 0.90 in the coming days.