The stronger US data and BOJ surprise action added fuel to the US dollar. The pair closed above 20- day high. The pair is trading near the strong multi resistance zone. Later this month November 30 Switzerland, voters will vote on gold referendum. The current month volatility will lead the pair. On the monthly chart, the 80.0 fib level exists at 0.9715 above 0.9750 July 2013 high and 0.9838 May 2013 high. The pair gave an upside breakout on the monthly chart aiming for 1.0175 100Msma levels. This view is for medium term basis (2 to 3 months). On a monthly closing basis, in case the pair closes above 0.9764, we can expect a new upswing towards our positional targets at 0.9972 and 1.0175 levels. On the down side, the pair has support at 0.9620 below this 0.9540 levels. Profit booking will take place below 0.9540 levels. The monthly support exists between 0.9400 and 0.9360 levels.
The pair made a high at 0.9691 in Asia's session, but rejected at higher levels. Currently the pair is trading at 0.9662 levels. The higher level rejection indicating some weakness for an hour and intraday session. We recommend fresh buying above 0.9675 and safe buying only above 0.9695 for an upside targets 0.9715, 0.9730 and 0.9750 levels. Traders can wait patiently for a dip buying between 0.9600 and 0.9550 sl 0.9530. Aggressive traders can buy above 0.9675 levels.
The material has been provided by InstaForex Company - www.instaforex.com