Euro: Euro moved within a narrow range of 90 pips taking resistance around the 55 Daily EMA at 1.2957 on Friday. The hourly and daily stochastic are overbought while the 4-hourly is neutral. Immediate support comes at 1.2830 (21 4-hourly EMA) and holding above this may allow Euro to break the 55 Daily resistance and may take it to the next resistance of 1.3185 (100 Daily EMA & 38.2% Retracement). (Eur/Usd: 1.2898).

Pound: Cable resumed its rally by moving more than 200 pips from the bids of 1.3863 to take the 100 4-hourly EMA resistance at 1.4070. Currently Cable is trading above 1.40 with resistance at 1.4115 (21 Daily EMA). The hourly charts are overbought while the 4-hourly and daily charts have room for further upmove. Initiate shorts around 1.4100 for 70-80 pips intraday. Further shorts can be incorporated around 1.4430 (55 Daily EMA) for 100 € 120 pips. (Gbp/Usd: 1.4020).

Yen: The Usd/Jpy pair witnessed a 150-pip movement on Friday touching the high of 98.65. The pair is tinkling around the 200 Daily EMA (98.35) levels. Although the hourly charts is indicating a downside, the 4-hourly and daily charts are showing an upside bias. Decisive break above this resistance can take the pair higher to 100.25 (55 Weekly EMA). Initiate shorts in the pair around those levels for 70 pips. (Usd/Jpy: 98.15).

Rupee: The strong equity markets and expectations of the fund inflows helped the rupee to appreciate as much as 35 paisa on Friday. It concluded the day at 51.50 levels making an intraday trough of 51.48/$. This morning it opened with a gap-up at 51.32/$ moving in sync with the positive Asian markets and with a view that more funds can enter the Indian markets. (USD/INR: 51.54).

Swiss Franc:The Usd/Chf pair moved within a sideways range of 100 pips on Friday touching the bids of 1.1833 before closing the session at 1.1850. The hourly & 4-hourly charts are neutral while the weekly and daily charts continue to give an upside. Immediate resistance comes in at 55 Monthly EMA (1.1992) around which shorts can be considered in the pair for 70 pips. Downside could be held around the 21 Daily EMA (1.1665). (Usd/Chf:1.1892).

Australian Dollar: Aussie appreciated further on Friday touching the highs of 0.6603. The daily chart is due for correction in the over-bought region and the 4-hourly & hourly charts are giving selling bias. Strong resistance comes in at 0.6630 where going short can be considered. Downside could be contained around the cluster support of 0.6470. (Aud/Usd:0.6561).

Gold: Gold surged up $19 from $919 on Friday before closing the session at $929. Although the 4-hourly is indicating a downside, the daily chart is giving buying pressure with the support coming in at $917. The initial cluster resistance of $929 can be seen to sell Gold for smaller intraday gains. (Gold: $924.80).

Dollar index : US Dollar is trading weak against the majors as the DI is at 87.40 levels and the stochastic is at 34.50%, yet to correct in the oversold region.