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31.01.2013 08:20 AM
Daily trading forecasts for January 31, 2013

EUR/USD:  The bullish determination on this market is now clear – something that is expected to continue. All conditions in the chart point to the northward possibility. The price is above the price level at 1.3550, and it will not be difficult for it to touch the resistance line at 1.3600. 

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USD/CHF: The USD/CHF finally yielded to the southward pull, following some period of hesitation. There is now a Bearish Confirmation Pattern in the chart. The next price target would be the support level at 0.9000, following the break of the supply level at 0.9100.

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GBP/USD:  After touching the accumulation territory at 1.5700, the Cable bounced upwards and has been going up by more than 110 pips. It would be advised that a neutral outlook be assumed right now, since this could be a transitory rally in a context of a downtrend. Otherwise, it would lead to a confirmation of a bullish scenario eventually.

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USD/JPY: The outlook here remains bullish, though the market should be approached with caution. The market is now above the price level at 91.00, and should not find it a challenge to touch the supply level at 91.50. After this, the next target would be the supply level at 92.00.

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EUR/JPY: The EUR/JPY is also bullish; with all indications. The price moves upwards in a slow but steady manner. The price broke the market zone at 123.00 to the upside, before trending sideways. The next point of call is the supply zone at 124.00.  

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