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FX Thoughts - Evening II - 03-Feb-2012 Evening Edition 1718 IST or 1148 GMT or 0648 EST
Dear Readers, Market is waiting for the US NFP data release which is due in some time and there has not been any significant movement in the market since the Morning. Having said this, we are repeating our Morning Comments. We will stay out the market and wait to see how the market moves and closes for the week today after the NFP data release to get indication on the direction of move for the next week.

USD-CHF @ 0.9154/57...Ranged. Weekly and Monthly charts not looking good

R: 0.9200-25 / 0.9250 / 0.9300 S: 0.9110 / 0.9070 / 0.9000 Dollar-Swiss is ranged between 0.9110 on the downside and 0.9230-50 on the upside. The pair is now heading towards the lower end of this range and We will have to wait for a breakout of this sideways range to get clear idea on the further direction of move. Although there is good Support in 0.9100-9070 region, the weekly and monthly charts are not looking good and is leaving a threat of a sharp fall. However, the market has already started talking about the SNB's intervention which could in one way limit the downside. We will have to wait and see how the pair moves and closes for the week today after the US NFP data release.

GBP-USD @ 1.5847/50...Bullish

R: 1.5880-5900 / 1.5945 / 1.6000 S: 1.5800 / 1.5760-50 / 1.5700 Cable failed to see a strong break below 1.5800 and is bouncing back from its low of 1.5795. As mentioned yesterday, the pair is not showing much strength in its pull back move from its high of 1.5882. This keeps the overall bullish view intact and a test of the 200-DMA (1.5944) is looking likely. The chances of the upmove extending further up to 1.6000-30 cannot be ruled out. On the downside 1.5760-50 is the important Support region and only a strong break below this Support will bring in the downside pressure to the pair.

AUD-USD @ 1.0696/99...Bullish

R: 1.0735-50 S: 1.0680 / 1.0600-580 Aussie is not gaining strength to extend its downmove strongly below 1.0700. The overall bullish outlook remains intact. 1.0735-50 will be an important Resistance region to be watched and a strong break above this Resistance region will be very bullish for the long term as it would open doors for an upside target of 1.19-21. On the downside 1.0600-580 is a strong Support region which is expected to hold in case a sharp pull back is seen during the day. Happy Trading!

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