YenUSD-JPY @ 90.12/15...Might test the Resistance at 90.40

R: 90.40 / 91.05 / 91.70
S: 89.90 / 89.20-00 / 88.70

A break below the Support at 89.40 which we expected did not happen in the US session yesterday and Dollar-Yen has risen and it is trading above 90 now. We might see a rise towards the Resistance at 90.40 during the day. If the current upside momentum continues, a break above 90.40 might take it further up towards 91 in the coming sessions. On the downside immediate Support is seen at 89.90 a break below which might pull it down towards 89.40-20 during the day.

SwissUSD-CHF @ 1.0466/69...Crucial Resistance in 1.0470-90 region

R: 1.0470-90 / 1.0530 / 1.0570
S: 1.0405 / 1.0380-60 / 1.0290

The Support at 1.0360 held and Swiss has risen towards 1.0460 as was expected. 1.0470, the Resistance on the weekly graph and 1.0490 the Resistance on the monthly graph will be a very significant Resistance region for the pair. As mentioned earlier, a higher weekly close above this Resistance in 1.0470-90 region might signal a trend reversal. A strong break above 1.0490 might take it up towards 1.0530-50. Any sharp downmove is not looking likely now. However, if the Resistance region (1.0470-90) holds and the pair gains downside momentum, we might see a downmove towards the Support in 1.0380-60 region. We expect this Support in 1.0380-60 region to hold during the day as much strength is not seen on the downside move.

CableGBP-USD @ 1.6244/47...Support at 1.6229 still holding

R: 1.6279 / 1.6332 / 1.6378
S: 1.6229 / 1.6157 / 1.6049

The Cable rose towards 1.6410 Resistance region mentioned yesterday evening and has then fallen back after the FOMC towards the 1.6229 Support. Any rallies are being sold into sharply which makes the pair bearish. This could weaken the pair even further and continue to apply downward pressure. But till it manages to close above 1.6229, the pair may continue to cling on to this Support. Given that every rally is being sold into, the pair may not be able to hold on to the Support at 1.6229 for long. But till, it holds, a rise towards 1.65 over the next several days may have to be allowed for.

There's important Resistance for the day at 1.6378 which should hold for the day. The Projected Max High and Low for the day is at 1.6429 and 1.6157 respectively.

AussieAUD-USD @ 0.8879/83...Support at 0.8848/0.8820

R: 0.8920 / 0.8970 / 0.9050
S: 0.8848 / 0.8820 / 0.8760

Aussie has fallen sharply in the Asian session today breaking below the Support at 0.8960 mentioned earlier and is now trading below 0.8900. The next significant Support levels to watch for are 0.8848 (100-DMA) and 0.8820 (Trendline Support on the weekly chart). If it continues to trade below 0.8900 we might see a downmove towards these Support levels during the day. On the upside Resistance is seen at 0.8970 which we may expect to hold during the day as the pair is looking strong in its current downmove. However, a strong break above 0.8970 might increase the chances of a further rise towards 0.9050

Limit Buy Order:
Buy AUD 10K at 0.8825, SL 0.8740, TP Open

Forex Trader Library
Receive over 15 hours (8 CD's) of our best Forex trading education in one package! Containing the newest Advanced Forex CD, this education pack focuses on exactly what you need to know to become a successful Forex Trader.