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GBP-USD @ 1.9616/20……..Holding Long
R: 1.9670 / 1.9710
S: 1.9600 / 1.9575 / 1.9525
GBP-USD has had a sharp fall during the day once again and it is currently standing on its Support of 1.9650-20, which has been holding since June-2007. A sustained break below this could see a sharp fall towards 1.9300 in the pair in the next few days. Note that the BOE meets tomorrow and their interest rate decision is likely to impact the pair in a big way. See historical UK gilts yield chart at http://www.kshitij.com/graphgallery/gbpsin00.shtml

The Support for the day below 1.9600 would come in at 1.9575, the statistically projected Max Low for the day. On the upside the Resistances currently are at 1.9670 and then at 1.9710. We are holding a long position currently, which has high chances of bring stopped out.

Limit Buy Order:
Buy GBP 10K at 1.9680, SL 1.9610, TP 1.9810

See UK Interest rate and BOE Libor rate at
http://www.kshitij.com/fundamentals/...ts/ukboe.shtml

See UK Trade Balance chart at
http://www.kshitij.com/fundamentals/.../uktrbal.shtml

USD-CHF @ 1.1135/40….…Resistance near 1.1200-10
R: 1.1150 / 1.1200-04
S: 1.1100 / 1.1050-44
USD-CHF has had little move during the day so far and the pair is maintaining above its Support of 1.1100 since the morning. This would be important later today as well. A break below that would restart the bearish bias for a fall towards 1.1050-44, the statistically projected Max Low for the day. Below that the Support would be at 1.1025 on a trendline on the Daily Charts joining the lows of 1.0887 (23-Nov) and 1.1019 (04-Jan).

The Resistances currently are at 1.1150 and 1.1200-04, the statistically projected Max High for the day. We don’t hold any position currently.

AUD-USD @ 0.8834/38...Resistance of 0.8850 being tested
R: 0.8847-50 / 0.8890-8900
S: 0.8770 / 0.8750 / 0.8720-10
AUD-USD hit a high of 0.8861 earlier today on its trendline Resistance on the Daily Charts joining the highs of 0.8955 (21-Nov) and 0.8908 (12-Dec), and is currently trading just below this level. This would be an important level going forward and a sustained move above 0.8900 would indicate on the uptrend gaining momentum. However, while that holds there are chances of a fall towards 0.8720-10 on the downside, on the trendline on the Daily Candles joining the lows of 0.7674 (17-Aug-07) and 0.8559 (19-Dec-07).

Today the Support is at 0.8800 and 0.8770. A break below the latter would indicate that a fall towards 0.8710 is underway. On the upside Resistance above 0.8845 would come in at 0.8890-0.8900, the statistically projected Max High for the day. We don’t hold any position in the pair currently.

Happy Trading!
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