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

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

EUR/USD

Resistance levels:1.2815/ 1.2855/ 1.2875/ 1.2910
Support levels: 1.2745/1.2715/ 1.2640/1.2605

EUR/USD has formed double top at 1.2730 yesterday and started upmove correction.In short term the sentiment is slightly positive and 1.2805 levels will be tested soon.If the Resistance at 1.2815 is broken,further rise towards 1.2850 may take place,before new downwave towards 1.2730 may be seen.The key Suport is at 1.2715.

Strategy-neutral
USD/JPY

Resistance levels:105.95-106.00/106.20/106.60/107.00
Support levels: 105.00/104.70/104.50/104.10

USD/JPY has risen to 105.97 yesterday.Now the pair is in consolidation and test of 105.00 psychological Support is expected soon.If it is broken,USD/JPY would meet strong Support at 104.60-50.Then the upmove would be renewed again towards 105.95-106.00.The key Support is at 104.50
Buy USD at 105.00,Stop-loss-104.90,Take profit-105.90
Buy USD at 104.55,Stop-loss-104.40,Take profit-105.90.
EUR/JPY

Resistance levels: 135.10/135.70/136.20
Support levels: 134.60/133.70/133.60/133.20

The Cross ranged between the Resistance at 105.10-12 and the Support at 134.60 in last two sessions.In Short term the sentiment is positive for the Cross,but Long term picture,however, suggest downmove towards 134.00 and lower.If the Support at 134.60-50 is broken,we may see further downmove towards 133.70.On the other hand,If the 105.12 Resistance is broken,further rise towards 135.70-80 may take place.The key Support is at 133.70.
Sell EUR at 135.10,Stop-loss=134.95,Take profit-134.00(133.70)
Sell EUR at 135.60,Stop-loss-135.80,Take profit-134.00(133.70)
GBP/USD

Resistance level:1.8630/ 1.8685/1.8720
Support levels: 1.8550/ 1.8525/1.8460/1.8415

The Pound fell to 1.8545 yesterday in third wave from the third downwave from 1.8927.The wave has formed bottom and this ,blend with oversold bias may lead the Pound towards 1.8630.If the Resistance at 1.8625-30 is broken,we may see further upmove towards 1.8685.Then new downwave below 1.8600 again may take place.The key Support is at 1.8525.

Sell GBP at 1.8680,Stop-loss-1.8630,Take profit-1.8555