Daily Market Comment - 31 January 2008

EUR-USD
1.4862. Uptrend is still intact in a triangle configuration. It should continue to rally to 1.4910 or 1.4992 if support around 1.4841 hold. After which a pullback to 1.4841 - 1.4809 zone is possible.
USD-CHF
1.0833. Market should meet resistance at 1.0866. We expect then an extended move down to 1.0823 -1.0733 area.
USD-JPY
106.26. There is bearish potential for a fall to 105.83 while 106.64 - 106.86 resist. After this fall a recovery up to 106.86 or 107.08 is expected.
GBP-USD
1.9864. While below 1.9887 or 1.9912 it could fall towards below 1.9815 or 1.9766. After which a corrective/consolidation activity is expected.
EUR-CHF
1.6100. Current move should be supported in 1.6097 zone for a rise to above 1.6221. A break below 1.6033 opens the way down.
EUR-JPY
157.92. While below 158.27 - 158.7 it might drop to 157.06 or below 156.19 zone.
EUR-GBP
0.7481. It should stay in a range trading between 0.7436 and 0.7503 for a while.
AUD-USD
0.8931. It looks more likely that it would rise to 0.9011 from 0.8896 or 0.8855. After which a downside move is expected.
USD-CAD
0.9932. Current fall is near an end of wave around 0.9840 - 0.9921 zone, a rally should then procede to above 0.9967 or 0.9998. Fall below 0.9807 would cancel this scenario.


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