Daily Forex Forecasts 01-feb-2005 09:00GMT www.iforex.org

Daily Forex Forecasts 01-feb-2005 09:00GMT

EUR/USD

Resistance levels:1.3050/1.3080-90/1.3125-35/ 1.3175
Support levels: 1.3015/1.2980/1.2940/1.2925

EUR/USD has risen to 1.3066 yesterday.Now the sentiment remains bullish and rise towards 1.3090 and 1.3110 is expected today.The immediate Support is at 1.3015 and the Key one is at 1.2974.
Buy EUR at 1.3025,Stop-loss-1.3000,Take profit-1.3110
USD/JPY

Resistance levels:103.90/ 104.50-60
Support levels: 102.95/ 102.75/102.15/101.80

USD/JPY has risen to the crucial Support at 103.90.IF it is broken,we may see further upmove towards 104.50-60 soon.If ,however,it holds, downmove again towards 103.20 and 102.95 is expected.The key Support is at 102.955
Sell USD at 103.90,Stop-loss-103.60,Take profit-103.20(102.95
EUR/JPY

Resistance levels:135.40/ 135.96/136.55
Support levels:135.00/134.25/133.80/ 133.20

The Cross has risen to important Resistance at 135.40-50.Now the sentiment is neutral for the pair.If the Resistance at 135.50 is broken,we may see further rise towards 135.95-136.00.If,however,it holds ,downmove again towards 134.00 is possible.The previous important Resistance at 135.00 is now turned into immediate Support.The key Support remains at 133.80.
Sell EUR at 135.35,Stop-loss-135.60,Take profit-134.00
GBP/USD

Resistance level:1.8860/1.8890/1.8920-25/1.8980
Support levels:1.8800-1.8790/ 1.8767/ 1.8735

GBP is falling towards the important Support at 1.8800.GBP/USD is still rangebound with 1.8930 as resistance and 1.8800 as support. One can play the range for the short term, but a break higher may take GBP/USD to 1.9000 and higher.Watch out for the housing market related numbers today at 09:30 GMT.The key Support is at 1.8767
Strategy-neutral