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Technical Analysis Pre-US Session

Friday, February 03, 2012 2:02 PM

EUR / USD GBP / USD USD / CHF USD / JPY Gold Crude Oil

EUR/USD intraday: bullish bias above 1.311

Pivot: 1.3110.
Our Preference: LONG positions above 1.311 with targets @ 1.32 & 1.323.
Alternative scenario: The downside breakout of 1.311 will open the way to 1.308 & 1.3045.
Comment: the pair stands above its support.
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GBP/USD intraday: bullish bias above 1.578.

Pivot: 1.578
Our preference: Long positions above 1.578 with targets @ 1.5885 & 1.5930 in extension.
Alternative scenario: Below 1.578 look for further downside with 1.57 & 1.5655 as targets.
Comment: the RSI broke above a declining trend line.
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USD/CHF intraday: the downside prevails.

Pivot: 0.921
Our preference: Short positions below 0.921 with targets @ 0.911 & 0.906 in extension.
Alternative scenario: Above 0.921 look for further upside with 0.923 & 0.9265 as targets.
Comment: the RSI is capped by a bearish trend line.
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USD/JPY intraday: under pressure.

Pivot: 76.4
Our preference: Short positions below 76.4 with targets @ 76 & 75.75 in extension.
Alternative scenario: Above 76.4 look for further upside with 76.6 & 76.85 as targets.
Comment: the pair remains under pressure and is challenging its support.
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GOLD (Spot) intraday: bullish bias above 1740

Pivot: 1740.00
Our Preference: LONG positions above 1740 with 1768 & 1790 as next targets.
Alternative scenario: The downside breakout of 1740 will open the way to 1726 & 1713.
Comment: the price is trading within a bullish channel.
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Crude Oil (Mar 12) intraday: key ST resistance at 97.55

Pivot: 97.55
Our Preference: SHORT positions below 97.55 with 95.45 & 93.9 as next targets.
Alternative scenario: The upside penetration of 97.55 will call for a rebound towards 98.5 & 99.45.
Comment: the RSI is mixed and calls for caution.
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