EuroEUR-USD @ 1.4496/99...Target 21-week MA (1.4642)
R: 1.4508 / 1.4548 / 1.4594
S: 1.4449 / 1.4401-4380 / 1.4284-65

The Euro has fallen after scaling a high of 1.4557 yesterday. It has found Support near 1.4450. On the back of this, after some consolidation, the pair is likely to resume its journey up towards the 21-week MA which is at 1.4642 this week. This goes well with both the scenarios mentioned yesterday. A rise beyond the 21-week MA would prove the 1st scenario right. While a fall back towards the 100-week MA (1.4296) would prove the 2nd scenario right. As mentioned earlier, we assign higher rating to the 1st scenario. To see the two scenarios mentioned yesterday, take a look at the following page from the archive: http://www.kshitij.com/fx/fx110110.shtml

For today, the Projected Max High and Low for the day is at 1.4594 and 1.4380 respectively.

Holding:
EUR 10K Long at 1.4355, TSL 1.4390, TP Open

Limit Buy Order:
Buy EUR 10K at 1.4420, SL 1.4340, TP Open

YenUSD-JPY @ 92.22/25...Mixed
R: 92.50 / 93.00 / 93.35-50
S: 92.00-91.80 / 91.00 / 90.50

Dollar-Yen is ranged between 91.80-92.50 for sometime. The pair is looking mixed as of now with 50-50 chances of move on either side. On the upside a strong break above 92.50 might take it up towards 93.00-20 during the day. Note the 200-DMA (currently at 93.35) is the significant Resistance seen on the upside. A break above this 200-DMA and a further strong upmove above 93.50 might increase the chances of a rise towards 95.

On downside Support is seen in 92.00-91.80 region. A strong break below 91.80 might see 91.00-90.50 on the downside in the coming sessions.

EuroYenEUR-JPY @ 133.72/75...May rise towards 135
R: 133.78 / 134.73 / 135.29
S: 133.11 / 132.78 / 132.01

The Cross fell sharply during the early Asian session today. We mentioned in the evening, that further rise may be preceded by a fall towards the Support region 132.80. The Cross indeed fell towards 132.98 and is likely to rise towards 135 over the next couple of days. For today, the Projected Max High and Low for the day is at 134.73 and 132.01 respectively.

Overall, the Cross has been oscillating between 127-139 over several months. It having risen from the lower end of this range in late November, it may rise towards 139 over the next few weeks. In the interim, 135 would be the next level to watch for.

Limit Buy Order:
Buy EUR 10K at 132.00, SL 131.20, TP Open

SwissUSD-CHF @ 1.0176/80...Sell on rally
R: 1.0200 / 1.0250-70 / 1.0330-60
S: 1.0125-00 / 1.0050 / 1.00

Though the Support region 1.0125-00 held in the US session also, Swiss failed once again to see a strong break above 1.0200. Our view continue to remain the same. A strong break above 1.0200 might see a rise towards 1.0250-70 during the day. As the broader picture continue to remain bearish a rise towards 1.0250-70 could be taken as an opportunity to take short positions. On the downside a strong break below 1.0100 might pull it down towards 1.0050-30.

Limit Sell Order:
Sell USD 10K at 1.0260, SL 1.0340, TP Open

CableGBP-USD @ 1.6099/6102...Sell rallies
R: 1.6114 / 1.6204-22 / 1.6278
S: 1.6064-41 / 1.5959

Cable has come down after facing Resistance from the 1.6183-6210 region mentioned yesterday. As long as the Resistance at 1.62-1.63 is overhead, there are good chances of a fall towards the 55-week MA (1.5687) over the next couple of weeks. A strong rise past 1.63 would call for a review of the bearish view. Given this, we would want to sell rallies than buy dips.

For today, the Projected Max High and Low for the day is at 1.6222 and 1.5959 respectively.

Limit Sell Order:
Sell GBP 10K at 1.6180, SL 1.6250, TP Open

AussieAUD-USD @ 0.9289/92...Significant Support in 0.9200-0.9180 region
R: 0.9300-20 / 0.9355 / 0.9410
S: 0.9200-0.9180 / 0.9140 / 0.9085

After continuing to remain ranged in the US session yesterday, Aussie fell in the early Asian session today. However, it has once again risen from the low of 0.9236 and is keeping up the bullish sentiment intact. On the downside Support is seen in 0.9200-0.9180 region which we expect to hold if any downmove is seen during the day. On the upside a strong break above the Resistance region 0.9330-20 might test the previous high of 0.9405 (16-Nov-09)

Limit Buy Order:
Buy AUD 10K at 0.9225, SL 0.9135, TP Open

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