Forex Daily Podcast - Tuesday, January 17, 2006

The RSI indicator is showing the EUR oversold this morning. We look for a rise up this morning, the EUR currently trades at 1.2071. The GBP fell overnight to the 1.7588 level on the back of UK data. Hourly RSI are showing oversold and we should get a rise here. The GBP currently trades at 1.7606. The CHF rose to 1.2852 overnight and is also showing divergence on an overbought RSI which typically leads to a fall. The CHF currently trades at 1.2835. The JPY followed just like we thought yesterday, it dropped a bit then ran right to the 115.44 level. We should get a drop of at least 20-30 pips from this level. The JPY currentl trades at 115.36. The CAD is still searching for direction and trades at 1.1593. Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading