The pair closed higher for a fourth consecutive week, setting the stage for further strength as we enter a new week. Its continued upside offensive keeps the rally initiated from the 0.8568 level intact. With this development, its key and nearby resistance stands at the 1.9316 level, its Oct'2011 high having taken out the 0.9234 level the past week. A violation of the 0.9316 level will resume its short term uptrend towards the 0.9400 level, its psycho level. Further out, scope for more upside gain is seen towards the 0.9503 level, its Feb 22'2011 high. Its weekly RSI is bearish and pointing lower suggesting further strength. Alternatively, the risk to our analysis will be a return below the 0.9234 level and a move lower towards the 0.9146 level, its Nov 10'2011 high. The ultimately target lies at the 0.8568 level, its Oct 27'2011 low where a loss will create scope for further weakness aiming at its psycho level at 0.8400 level. All in all, the pair now pressures the 0.9316 level as it looks to resume its short term uptrend.

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