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

Daily Forex Forecasts 31-jan-2005 09:00GMTEUR/USDResistance levels:1.3050/1.3080-90/1.3125-35/ 1.3175Support levels: 1.2980/1.2940/1.2925The 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 while1.3080 and then 1.3120 are Resistance.Buying the dips with close stops maybe the best way to trade this.Strategy-neutralUSD/JPYResistance levels:103.66/103.90/ 104.50-60Support levels: 102.85/ 102.35/102.15/101.80USD/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 102.85Sell USD at 103.90,Stop-loss-103-60,Take profit-102.90.EUR/JPYResistance levels:135.00/ 135.40/ 135.96Support levels:134.25/133.72/ 133.20/ 132.95The 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 133.72Sell EUR at 135.35,Stop-loss-135.60,Take profit-134.00GBP/USDResistance level:1.8890/1.8920-25/1.8980Support levels:1.8800/ 1.8767/ 1.8735The 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