TECHNICAL ANALYSIS 1/10/2012

EURUSD Pivot: 1.29 Our preference: Short positions below 1.29 with targets @ 1.277 & 1.275 in extension. Alternative scenario: Above 1.29 look for further upside with 1.2925 & 1.296 as targets. Comment: the RSI is bearish and calls for further downside. Key levels 1.296 1.2925 1.29 1.28168 last 1.277 1.275 1.27

GBPUSD Pivot: 1.621 Our preference: Short positions below 1.621 with targets @ 1.6105 & 1.609 in extension. Alternative scenario: Above 1.621 look for further upside with 1.6245 & 1.628 as targets. Comment: the RSI is bearish and calls for further decline. Key levels 1.628 1.6245 1.621 1.6124 last 1.6105 1.609 1.607

USDJPY Pivot: 77.6 Our preference: Long positions above 77.6 with targets @ 78.1 & 78.2 in extension. Alternative scenario: Below 77.6 look for further downside with 77.35 & 77.1 as targets. Comment: the next resistances are at 78.1 and then at 78.2. Key levels 78.3 78.2 78.1 77.909 last 77.6 77.35 77.1

EURJPY Pivot: 100.35 Our preference: Short positions below 100.35 with targets @ 99.65 & 99.5 in extension. Alternative scenario: Above 100.35 look for further upside with 100.65 & 101 as targets. Comment: the RSI is bearish and calls for further downside. Key levels 101 100.65 100.35 99.843 last 99.65 99.5 99.3

SILVER Pivot: 34.55 Our Preference: SHORT positions below 34.55 with targets @ 34.05 & 33.9. Alternative scenario: The upside breakout of 34.55 will open the way to 34.85 & 35.18. Comment: the RSI calls for a new downleg. Trend: ST Ltd upside; MT Bullish Key levels Comment 35.18** Intraday resistance 34.85** Intraday resistance 34.55** Intraday pivot point 34.225 Last 34.05** Intraday support 33.9** Intraday support 33.65** Intraday support

GOLD Pivot: 1776.00 Our Preference: SHORT positions below 1776 with 1759 & 1752 in sight. Alternative scenario: The upside penetration of 1776 will call for 1783 & 1787. Comment: the RSI is mixed with a bearish bias. Trend: ST Ltd upside; MT Bullish Key levels Comment 1787* Fib projection 1783** Previous high 1776** Intraday pivot point 1764.07 Last 1759** Intraday support 1752** Intraday support 1738** Intraday support

NZDUSD Pivot: 0.8325 Our preference: Short positions below 0.8325 with targets @ 0.825 & 0.822 in extension. Alternative scenario: Above 0.8325 look for further upside with 0.8355 & 0.838 as targets. Comment: the RSI is badly directed. Key levels 0.838 0.8355 0.8325 0.82745 last 0.825 0.822 0.8185

AUDUSD Pivot: 1.038 Our preference: Short positions below 1.038 with targets @ 1.031 & 1.027 in extension. Alternative scenario: Above 1.038 look for further upside with 1.0405 & 1.043 as targets. Comment: the RSI is bearish and calls for further downside. Key levels 1.043 1.0405 1.038 1.034 last 1.031 1.027 1.025