Daily Forex Forecasts 31-jan-2005 09:00GMT www.iforex.org

Daily Forex Forecasts 31-jan-2005 09:00GMT

EUR/USD

Resistance levels:1.3050/1.3080-90/1.3125-35/ 1.3175
Support levels: 1.2980/1.2940/1.2925

The important Support at 1.2990-80 hold on Friday and now we expect rangetrade between 1.2990 and 1.3050 till 15.00 GMT,when an option with bigvolume is expired at 1.3000. 1.2990 and then 1.2925 are Support while
1.3080 and then 1.3120 are Resistance.Buying the dips with close stops maybe the best way to trade this.
Strategy-neutral
USD/JPY

Resistance levels:103.66/103.90/ 104.50-60
Support levels: 102.85/ 102.35/102.15/101.80

USD/JPY has risen to 103.40.Now the sentiment remains slightly bullish and further upmove towards 103.90-104.00 is possible soon.USD/JPY will,hewever, stay below 104.50 Resistance.If the Resistance at 104.00 holds,we may see fall again towards 102.85 and 102.60. The key Support is at 102.85
Sell USD at 103.90,Stop-loss-103-60,Take profit-102.90.
EUR/JPY

Resistance levels:135.00/ 135.40/ 135.96
Support levels:134.25/133.72/ 133.20/ 132.95

The immediate Resistance at 134.90-135.00 held and now we may see fall again towards 134.25 and 133.72.Now the sentiment is neutral for the Cross.If the important Resistance at 135.40 is broken,it would be sign for further rise towards 136.00 and 136.25.But there are more chances for next downmove towards 133.72. The key Support is at 133.72
Sell EUR at 135.35,Stop-loss-135.60,Take profit-134.00
GBP/USD

Resistance level:1.8890/1.8920-25/1.8980
Support levels:1.8800/ 1.8767/ 1.8735

The sentiment is neutral for the GBP.Watch out for the Consumer Confidence number today at 10:30 GMT. There is immediate Support at 1.8800 and crucial one at 1.8780-65 region.If GBP fall below 1.8750 we may see further fall towards 1.8630. Rise towards the resistance at 1.8880-90 and 1.8920 is also possible. The key Support is at 1.8767.

Strategy-neutral