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FX Thoughts - Evening II - 25-May-2012 Evening Edition 1746 IST or 1216 GMT or 0816 EST

USD-CHF @ 0.9574/77...Not gaining downside strength

R: 0.9600-20 S: 0.9500-480 Dollar-Swiss is continuing to trade lower below 0.9600. However, it is not showing much strength for a strong downmove. The overall bullish view remains intact and the pair is expected to take Support from 0.9500-480 region if the downmove extends further in the coming sessions. As we have been mentioning for some time, the bigger picture is very bullish and a strong rally to 0.9900-1.0000 is on the cards in the coming days/weeks.

GBP-USD @ 1.5674/77...Ranged

R: 1.5700-20 / 1.5800 S: 1.5600 / 1.5530-00 Cable remains ranged between 1.5650 and 1.5700. With no significant move seen on either side during the day, our view remains the same. The overall picture remains weak and a test of 1.5600 looks likely now. A break below 1.5600 can take it further down towards 1.5530-00. Any sharp bounce back move is not looking likely and the pair is expected to find Resistance at 1.5700. Only a strong break above 1.5700 will ease the downside pressure a bit.

AUD-USD @ 0.9787/90...Can test 0.9830 on teh upside.

R: 0.9800 / 0.9830 / 0.9880 S: 0.9720-00 / 0.9660 Aussie looks to be gaining strength slightly. A further rise to the next Resistance at 0.9830 looks likely now. A break above 0.9830 can take it further up towards 0.9880. On the downside the pair is expected to find Support near 0.9700. Today's closing will be very important to be watched as it can play a significant role in deciding the direction of move for next week. We will have to wait and see. Happy Trading!

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