Free Afternoon Forex Trading signals – Feb 8, 2013

Please note that due to market volatility, some of the below sight prices may have already been reached and scenarios played out.

EUR/USD intraday: under pressure.

Pivot: 1.3455

Our preference: Short positions below 1.3455 with targets @ 1.336 & 1.328 in extension.

Alternative scenario: Above 1.3455 look for further upside with 1.3505 & 1.3575 as targets.

Comment: as long as 1.3455 is resistance, look for choppy price action with a bearish bias.

GBP/USD intraday: caution.

Pivot: 1.5675

Our preference: Long positions above 1.5675 with targets @ 1.58 & 1.584 in extension.

Alternative scenario: Below 1.5675 look for further downside with 1.563 & 1.56 as targets.

Comment: the immediate trend remains up but the momentum is weak.

USD/CHF intraday: the upside prevails.

Pivot: 0.911

Our preference: Long positions above 0.911 with targets @ 0.922 & 0.925 in extension.

Alternative scenario: Below 0.911 look for further downside with 0.906 & 0.9015 as targets.

Comment: the next resistances are at 0.922 and then at 0.925.

USD/CAD intraday: the upside prevails.

Pivot: 0.995

Our preference: Long positions above 0.995 with targets @ 1.0005 & 1.0035 in extension.

Alternative scenario: Below 0.995 look for further downside with 0.993 & 0.9905 as targets.

Comment: the RSI advocates for further advance.

Crude Oil (Mar 13) intraday: the downside prevails.

Pivot: 96.50

Our preference: SHORT positions below 96.5 with 95 & 94.3 in sight.

Alternative scenario: The upside penetration of 96.5 will call for 97.2 & 98.2.

Comment: the upward potential is likely to be limited by the resistance at 96.5.

GOLD (Spot) intraday: under pressure.

Pivot: 1684.00

Our preference: SHORT positions below 1684 with targets @ 1663 & 1652.

Alternative scenario: The upside breakout of 1684 will open the way to 1695 & 1698.

Comment: a resistance level at 1684 is confirmed. As long as 1684 is resistance, look for choppy price action with a bearish bias.

Dow Jones (Mar 13) intraday: the bias remains bullish.

Pivot: 13800

Our preference: LONG positions above 13800 with 13960 & 14035 as next targets.

Alternative scenario: The downside breakout of 13800 will open the way to 13740 & 13670.

Comment: the RSI is mixed with a bullish bias.

S&P 500 (Mar 13) intraday: the upside prevails.

Pivot: 1496

Our preference: LONG positions above 1496 with targets @ 1511 & 1515.

Alternative scenario: The downside penetration of 1496 will call for 1490 & 1483.

Comment: the RSI is mixed with a bullish bias.