Daily Forex Forecasts 02-feb-2005 09:00GMT www.iforex.org

Daily Forex Forecasts 02-feb-2005 09:00GMT

EUR/USD

Resistance levels:1.3090/ 1.3110/ 1.3125-35/ 1.3175
Support levels: 1.3060/1.3030/1.2985/1.2940/1.2925

EUR/USD has risen to 1.3093 yesterday,after break of the immediate Resistance at 1.3050.Now the sentiment remains bullish for the pair.If the important Resistance at 1.3090 is broken,we may see further rise towards 1.3135-40 soon.On the other hand,fall below 1.3060 will lead to furter downmove towards 1.3030.If the important Support at 1.3030 is broken,next fall again towards 1.2985 is possible.The key Support is at 1.2985.

Buy EUR at 1.3060,Stop-loss-1.3030,Take profit-1.3140
USD/JPY

Resistance levels:103.90/ 104.50-60
Support levels: 103.20/102.95/ 102.75/102.15/101.80

USD/JPY was pushed back lower after shorts were squeezed to just north of 104.00 late yesterday.Yesterday’s highs are resistance and the pair could follow through lower to beyond to 102.95.The key Support is at 102.95
Sell USD at 103.90,Stop-loss-104.60,Take profit-103.20(102.95)
EUR/JPY

Resistance levels:135.96/136.55
Support levels:135.10-00/134.25/133.80/ 133.20

EUR/JPY pushed back higher overnight as JPY has been weak of late on the expected disappointment at the G-7 meeting and the renewal of interest in JPY carry trade.The important Resistance at 135.40 was broken and price reached 135.78.Now the sentiment is neutral for the Cross and IF the important Support at 135.40 and 135.00 are broken,we may see downmove again towards 134.00.The key Support is at 133.80.
Sell EUR at 134.95,Stop-loss-135.40,Take profit-134.50(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/USD remains supported, after yesterday’s brief test and false break of the sub 1.8800 support area.Now GBP is traded in narrow range between 1.8830 1nd 1.8860.Rise towards 1.8890 is possible today .If 1.8900 levels is overcomed,next upmove towards 1.9000 is expected.The key Support is at 1.8790
Strategy-neutral