Technical Analysis Pre- European Session

Friday, February 03, 2012 7:45 AM

EUR/USD intraday: the upside prevails.

Pivot: 1.3090.
Our Preference: LONG positions above 1.309 with 1.317 & 1.32 as next targets.
Alternative scenario: The downside penetration of 1.309 will call for 1.3045 & 1.302.
Comment: the pair stands above its support.

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GBP/USD intraday: rebound.

Pivot: 1.5780.
Our Preference: LONG positions above 1.578 with 1.5825 & 1.5855 as next targets.
Alternative scenario: The downside penetration of 1.578 will call for a slide towards 1.574 & 1.57.
Comment: the pair is rebounding on its support.

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USD/CHF intraday: under pressure.

Pivot: 0.92.
Our Preference: SHORT positions below 0.921 with targets @ 0.9135 & 0.911.
Alternative scenario: The upside penetration of 0.921 will call for 0.923 & 0.9265.
Comment: the pair is posting a rebound but stands below its resistance.

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USD/JPY intraday: under pressure.

Pivot: 76.40.
Our Preference: SHORT positions below 76.4 with 76 & 75.75 as next targets.
Alternative scenario: The upside penetration of 76.4 will call for 76.6 & 76.85.
Comment: the pair remains on the downside and is challenging its support.

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GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1740.00
Our Preference: LONG positions above 1740 with 1767 & 1790 in sight.
Alternative scenario: The downside penetration of 1740 will call for 1726 & 1713.
Comment: the price is trading within a bullish channel.

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Crude Oil (Mar 12) intraday: the downside prevails.

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 98.5 & 99.45.
Comment: a break below 95.45 would trigger a drop towards 93.9.

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