USD/INR INTRADAY RECOMMENDATION (12/10/2012)

USD/INR (SPOT)

USD/INR can give a dip even upto 52.65 as India's IIP for August is above expectation (CMP – 52.74) but buying on dips is recommended for intraday trading. It has a good intraday support at 52.48 & resistance is at 53.00. Expected intraday range is 52.65-52.98.

STRATEGY – BUY AT 52.65   TARGET 52.98   SL BELOW  52.48

EURUSD Short Term View - An update

Target achieved in EURUSD Short Term View published on 24th March, 2012 (http://goo.gl/v8zdd). EURUSD did not breach 1.4420 and made a high of just 1.3385 after I published the call. My target range was 1.3020-1.3050 and it is currently trading below 1.3050. If traded according to my view one can book all profits. It has a good support in the range of 1.2970-1.2990, it will continue its bearish view only if it gives a weekly close below 1.2970 or else it can bounce back upto 1.3400. If it gives a weekly close below 1.2970 it can fall upto 1.2800.    

EURUSD Short Term View

EURUSD has the potential to rise upto 1.3350-60 but can be sold on rise. It has a good resistance at 1.4420, a weekly closing above this level can change short term view or else it can come in the range of 1.3020-50. The overall long term bullish view published on 1^st January, 2012 (http://goo.gl/s5XJR) remains intact. I had expected a recovery from March 2012, but it gave a good bounce in Jan-Feb 2012 and now in the short term we can see a dip. Thus, from the short term point of view we can sell EURUSD on rise and if you are a long term investor you can wait for a good dip in price to go long on the counter.

EURUSD Weekly (09/01/2012 – 13/01/2012)

EURUSD can slide further in the beginning of this week as the fundamentals are weak but 1.2675 can act as a support with a major support at 1.2580 for this week. Buying on dips is recommended. Buy partial at 1.2675 and part at 1.2630 with a strict stop loss below 1.2575 and weekly targets of 1.2800 and 1.2950.

GBPUSD's Weekly View's Update

In the beginning of the week GBPUSD made a low of just 1.5465 (my expectation was buying on dip upto 1.5425-1.5450, visit http://goo.gl/OT4x2 for details), but it did bounced-back as expected and made a high of 1.5670. My view was right but the call was not initiated.

USDJPY Weekly View's Update

USDJPY made a low of 76.60 which was exactly the level where I had recommended to go long (visit http://goo.gl/Ekzbp for detailed view). I hope those who traded according to my view might have booked profits, if not than please book your profits either at these levels or if it again bounces back upto 77.25, as the week is coming to an end. For sometime it can take a resistance of 77.30 but 77.45 is a good intraday resistance. 76.82 can act as a good intraday support.

EURUSD Weekly View's Update

If traded according to our weekly view posted on 1st January, 2011 (visit http://forexviewsncalls.blogspot.com/2012/01/eurusd-weekly-02012012-06012012.html for details), i.e. sold at 1.3040, than one can book profits at the current level of 1.2850 it has already made a low of 1.2830. This week's high was just 1.3077 and is currently trading much below that.

USDJPY Weekly (02/01/2012 – 06/01/2012)

USDJPY has given a good fall on Friday and can slide upto 76.70-76.60, but it can take support of it's November low of 76.56.

It has a good weekly support at 75.85 and resistance at 77.90 and a major resistance is at 78.65. For this week we can go long if it dips upto 76.60. Largely the trading range will be 76.50-77.90 for this week.

GBPUSD Weekly (02/01/2012 – 06/01/2012)

GBPUSD can dip upto 1.5450-1.5425 in the beginning of the week, but it can be bought on dips for the week. Expected weekly range is 1.5400-1.5620. Major support for this month is at 1.5268 and resistance at 1.5830.

EURUSD Weekly (02/01/2012 – 06/01/2012)

EURUSD has a good support at 1.2805 and resistance at 1.3098 for this week and will largely remain in this range. At the start of the week we can see a fall upto 1.2902 and 1.2850. Thus, high risk traders can go long near 1.2900 levels and others can wait for 1.2850. One can go short if it rises upto 1.3040 in the beginning of the week.

EURUSD 2012 - Recovery expected from March 2012 onwards.

We have seen a good fall in EURUSD in the second half of 2011, but 2012 can bring some good news. No doubt there is more downside yet to be seen in first two months of this new year but we can expect a good recovery from March onwards. 

In the short term 1.2770 will act as a good support, but a major support is at 1.2580. It will take some major fundamental setbacks from Euro-zone for the EURUSD pair to cross 1.2580 on the downside. Investors should keep in mind that 1.2500 is a psychological support and many long term investors might keep their stop losses at that level. So even if it touches 1.2500 (the chances of which are rare) long term investors need not worry, the only thing they will have to do is keep a close watch on fundamentals prevailing at that time and act accordingly.

Strategy for 2012

If you believe in long term investment (or even medium term) than you can follow the strategy given below;

Buy partial at 1.2770, 1.2650, 1.2580 for a target of 1.3870, 1.4550, 1.4950.