Free Afternoon Forex Trading signals – Jan 31, 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: further advance.

Pivot: 1.3525Our preference: Long positions above 1.3525 with targets @ 1.36 & 1.3635 in extension.

Alternative scenario: Below 1.3525 look for further downside with 1.3475 & 1.345 as targets.

Comment: the pair stands above its new support and remains on the upside.

GBP/USD intraday: the upside prevails.

Pivot: 1.576Our preference: Long positions above 1.576 with targets @ 1.582 & 1.585 in extension.

Alternative scenario: Below 1.576 look for further downside with 1.5725 & 1.5705 as targets.

Comment: the pair is pulling back on its support ahead of a rebound.

USD/CHF intraday: the downside prevails.

Pivot: 0.914Our preference: Short positions below 0.914 with targets @ 0.907 & 0.904 in extension.

Alternative scenario: Above 0.914 look for further upside with 0.917 & 0.919 as targets.

Comment: the pair has broken below a bearish channel lower boundary and remains on the downside, the RSI is turning down.

USD/CAD intraday: the bias remains bullish.

Pivot: 1.0005Our preference: Long positions above 1.0005 with targets @ 1.0045 & 1.0065 in extension.

Alternative scenario: Below 1.0005 look for further downside with 0.998 & 0.9945 as targets.

Comment: the pair is facing a pull back but stands above its support.

Crude Oil (Mar 13) intraday: further upside.

Pivot: 96.80Our preference: LONG positions above 96.8 with 98.35 & 99.6 in sight.

Alternative scenario: The downside penetration of 96.8 will call for 96.25 & 95.4.

Comment: the RSI is negative but supported by a strong support.

GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1668.00Our preference: LONG positions above 1668 with targets @ 1685 & 1695.

Alternative scenario: The downside penetration of 1668 will call for a slide towards 1662 & 1652.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Dow Jones Industrial Average intraday: bullish bias above 13880

Pivot: 13880Our preference: LONG positions above 13880 with 13970 & 14010 in sight.

Alternative scenario: The downside breakout of 13880 will open the way to 13795 & 13730.

Comment: a support base at 13880 has formed and has allowed for a temporary stabilisation.

S&P 500 (Mar 13) intraday: bullish bias above 1490

Pivot: 1490Our preference: LONG positions above 1490 with targets @ 1506 & 1515.

Alternative scenario: The downside breakout of 1490 will open the way to 1483 & 1475.

Comment: the RSI is mixed with a bullish bias.