MIG BANK / Forex Broker 14, rte des Gouttes d’Or CH-2008 Neuchâtel Switzerland

Tel +41 32 722 81 00 Fax +41 32 722 81 01 info@migbank.com www.migbank.com

Please note: None of the strategies below represent trading advice or trading recommendations of any kind. Please refer to our full disclaimer.

WINNER BEST SPECIALIST RESEARCH

MAS-TERM MULTI-DAY

L-TERM MULTI-WEEK

STRATEGY/ POSITION

ENTRY LEVEL

OBJECTIVES/COMMENTS STOP

EUR/USD è ê Buy Stop 3 1.3198 1.3305/1.3460/1.3560 1.3080

GBP/USD é è Await fresh signal.

USD/JPY è è LONG 3 77.60 78.40/79.55/82.00 (Entered 25/01/2011) 76.80

USD/CHF ê é Missed sell. Await fresh signal.

USD/CAD è é Buy Stop 3 1.0190 1.0430/1.0530/1.0660 1.0050

AUD/USD è ê Buy Stop 3 1.0690 1.0760/1.0870/1.1080 1.0540

GBP/JPY è ê Await fresh signal.

EUR/JPY è ê Await fresh signal.

EUR/GBP é ê Sell limit 3 0.8480 0.8380/0.8220/0.8142 0.8580

EUR/CHF ê ê SHORT 3 1.2130 1.2010/1.1526/1.1002 1.2175

GOLD è è Awaiting new trade setup.

SILVER è è Awaiting new trade setup.

DISCLAIMER & DISCLOSURES Please read the disclaimer and the disclosures which can be found at the end of this report

DAILY TECHNICAL REPORT 27 January, 2012

Ron William, CMT, MSTA

Bijoy Kar, CFA

Notes: Entries are in 3 units and objectives are at 3 separate levels where 1 unit will be exited. When the first objective (PT 1) has been hit the stop will be moved to the entry

point for a near risk-free trade. When the second objective (PT 2) has been hit the stop will be moved to PT 1 locking in more profit. All orders are valid until the next report is

published, or a trading strategy alert is sent between reports.

2

DAILY TECHNICAL REPORT

27 January, 2012

www.migbank.com

Euro recovery approaches resistance at 1.3197.

EUR/USD’s sharp recovery has temporarily stalled as it approaches

1.3197 (21st Dec high). The move was triggered above our breakout level

at 1.3000/77 and we have opened a small buy trade setup.

A successful challenge of 1.3197 (21st Dec high) will activate our trade

and unlock fast moves into the next target zone at 1.3460 and 1.3548.

Failure to push higher will trigger a return to 1.3000 (psychological

support) and 1.2879, thereby resuming the major downtrend lower.

Inversely, the USD Index decline is holding steady around 79.08 (38.2%

Fib-Oct advance), with next support at 78.25/00.

Both support levels act as the last points of defence for a potential re-

launch of the greenback’s recovery which is still part of our bullish cycle

strategy for a further 20% gain over the multi-month period.

Special Report: EUR/USD !"#$%%"#&'(")&$*+ ? Decline Targets 1.3770/1.3410. VIDEO

Webinar: “Why the US dollar is likely to gain up to 30% in 6-12 (',-./01

Media Interview: 2%''(3+&4

S-T TREND L-T TREND STRATEGY

! Buy Stop 3: 1.3198, Obj: 1.3305/1.3460/1.3560, Stop: 1.3080.

EUR/USD

Ron William, Technical Strategist, E-mail: &056%%6$(7(643$,80*'(, Phone: +41 32 7228 454

EUR/USDEUR/USD

EUR/USD daily chart, Bloomberg Finance LP

Ro

USD Index daily chart, Bloomberg Finance LP

REVERSALFROM 2 YEAR

UPTREND

200-DMA(1.3865)

BERMUDA TRIANGLE

EUR/USD (Daily)

BREAKOUT ZONE

(1.4000) CHANNELBREAKOUT

1.26-1.2530TARGET

R2 (1.3197)

MORNINGSTAR PATTERN

RECOVERY

P1 (1.3077)

S1 (1.2879)

913

US DOLLAR INDEX

200-DMA(76.62)

DEMARK™BUY SIGNALS

BREAKOUT ZONE

EUR 57.6%, JPY 13.6%, GBP 11.9% CAD 9.1%, SEK 4.2%, CHF 3.6%

12 MONTHHIGH

KEY SUPPORT

(79.75)

MAJOR HIGHS

SUPPORT

(78.00)

3

DAILY TECHNICAL REPORT 27 January, 2012

www.migbank.com

Returns to longer-term range.

· GBP/USD has broken clear of the resistance of the hourly channel that

had been forming over the last month. This now returns the rate into its

large range from the previous year. A return to long-term trend-line

support is still possible should a return to US Dollar strength be seen.

· Near-term the 200 day moving average is a reasonable traget zone,

currently at 1.5966. However, there would be an expectation of a lower

high forming should that level be met.

· The head and shoulders formation that can be seen in the daily time

frame is not expected to have much follow through momentum if a break

under the neckline passing through 1.5297/1.5235 can be achieved.

S-T TREND L-T TREND STRATEGY

é è Await fresh signal.

GBP/USD

Bijoy Kar, Technical Strategist, E-mail: b.kar@migbank.com, Phone: +41 32 7228 424

GBP/USD hourly chart, Bloomberg Finance LP

GBP/USD daily chart, Bloomberg Finance LP

4

DAILY TECHNICAL REPORT 27 January, 2012

www.migbank.com

Reversal extends after failure into 200-day average (78.32).

USD/JPY’s reversal is extending lower after the failure into its 200-day

MA and the intraday pattern ceiling. The move is further weakening the

recent break above its multi-year pattern (see top right-chart insert).

However, our view remains bullish, as USD/JPY verges toward a major

long-term 40-year cycle upside reversal. Expect key cycle inflection

points to resume over the next few weeks, offering a sustained move

above our upside trigger level at 80.00/60, then 82.00 and 83.30.

Meanwhile, confirmation below 77.25 (pivot level) helps resume the third

price retracement, we had been expecting, back to pre-intervention

levels and potentially even a new post world war II record low (75.35).

Sentiment in the option markets continues to suggest that USD/JPY buying pressure remains overcrowded as everyone continues to try and be the first to call the market bottom, within the end of this multi-year contracting pattern (see top-right chart insert).

This may first inspire a temporary, but dramatic, price spike through psychological levels at 75.00 and perhaps even sub-74.00. Such a move would help flush out a number of downside barriers and stop-loss orders, which would create healthy price vacuum for a major reversal.

Please select the link below to review our special coverage on USD/JPY:

Special Report: !"#$%&'()*+,*&-,&.&/.0-)&12&3(.)&4345(&)(6()7.5 VIDEO

Webinar: USD/JPY’s Long-T()/&!8)9489).5&:;.,*(&

Media Interviews: :<=:&Squawk Box & =5--/>()*&:-9,8down (Reports: :<=: / =5--/>()*)

S-T TREND L-T TREND STRATEGY

LONG 3 at 77.60, Obj: 78.40/79.55/82.00, Stop: 76.80.

Ron William, Technical Strategist, E-mail: )?@+55+./A/+*>.,B?4-/, Phone: +41 32 7228 426

USD/JPY

USD/JPY 240 min chart, Bloomberg Finance LP

USD/JPY daily and weekly chart, Bloomberg Finance LP

PIR II

POST BOJ

MOVE (II)HIGH

QUAKESHOCK!

POST INTERVENTION RETRACEMENT (PIR I)

G7MOVEHIGH

DEMARK™ BUY SIGNAL AHEAD

OF NEW POST WWII LOW (75.35)

POST BOJ

MOVE (III)PIR III

MULTI-YEAR PATTERN

ANTICIPATESBREAKOUT (78-83)

USD/JPY (240 MIN)POSTBOJMOVE (III)

KEY PIVOT LEVEL (77.25) TRIGGERS POSTINTERVENTION RETRACEMENT

DEMARK™ BUYSIGNALS

S1 76.35

6

DAILY TECHNICAL REPORT 27 January, 2012

www.migbank.com

Breakdown holds steady at key psychological level (1.0000).

USD/CAD’s breakdown is holding steady at the key psychological level

of 1.0000, which is near the rate’s 200-day average (currently trading at

0.9950). Only a break beneath here will target support at 0.9890.

Failure to push sustainably through 0.9950 will suggest a potential false

pattern breakout and offer a return higher into 1.0250 and 1.0425. This

would activate our trade setup and the larger bullish wave cycle.

In terms of the big picture, a directional confirmation above 1.0680 is

still needed to unlock the recovery into 1.0850 plus. This would extend

the upside breakout from the rate’s ending triangle pattern, which was

part of a major Elliott wave cycle (see top-left chart insert).

EUR/CAD, which tends to share a positive correlation with EUR/USD, is

consolidating its prior gains. However, the old structural breach under

the rate’s multi-month distribution pattern continues to favour downside

pressure into 1.2760 (10th Jan 2010).

S-T TREND L-T TREND STRATEGY

! Buy Stop: 1.0190, Obj: 1.0430/1.0530/1.0660, Stop: 1.0050

Ron William, Technical Strategist, E-mail: !"#$$#%&'&#()%*+!,-&, Phone: +41 32 7228 454

USD/CAD

USD/CAD daily and weekly chart, Bloomberg Finance LP

USD/CAD 240 min chart, Bloomberg Finance LP

200-DMA(0.9953)

TRIANGLEPATTERN

USD/CAD (Daily)

DEMARK™BUY SIGNAL

CONFIRMATION ABOVE 1.0680

OPENS LARGERRECOVERY

USD/CAD (WEEKLY)

KEY SUPPORT

(1.0079/77)

USD/CAD(240 MIN)

DEMARK™SELL SIGNAL

R2 1.0319

R1 1.0284

S1 1.0000

7

DAILY TECHNICAL REPORT 27 January, 2012

www.migbank.com

Bulls hold steady beneath recent high (1.0660)

AUD/USD is holding steady beneath its recent high at 1.0660. This

follows the recent surge above the 200-day average which neutralized

the previous short-term DeMark™ countertrend signal.

Watch for an extended recovery into 1.0753 (28th Oct peak). Failure to

push above here will suggest temporary momentum exhaustion.

Our cycle analysis remains bearish and favours mean reversion back into

1.0405 (200-day MA), then 1.0146 (09th Jan low) and the parity level.

Keep in mind that such a move would signal a break from the multi-

month distribution pattern and the rate’s 3-year uptrend (see bottom-

left chart insert).

Elsewhere, the Aussie dollar is range bound against the neighbouring

New Zealand dollar. The rate’s multi-month trading range is still

pressuring its 200-day MA (currently trading at 1.2944). Expect resumed

setbacks over the multi-day/week horizon into 1.2834 and 1.2319.

The Aussie dollar is unwinding from overbought conditions against the

Japanese yen, after trading 8 consecutive up sessions. Key resistance

can now be found at 83.95. Further upside pressure on this rate signals a

temporary return of global risk appetite capital flows.

S-T TREND L-T TREND STRATEGY

! Buy Stop 3: 1.0690, Obj: 1.0760/1.0870/1.1080, Stop: 1.0540

AUD/USD

Ron William, Technical Strategist, E-mail: !"#$$#%&'&#()%*+!,-&, Phone: +41 32 7228 454

AUD/USD daily and weekly chart, Bloomberg Finance LP

AUD/USD 240 min chart, Bloomberg Finance LP

200-DMA(1.0407)

BREAKOUT

AUD/USD (DAILY)

DEMARK™ SELL SIGNALS

PIVOT SUPPORT

(1.0000)

61.8%

(0.8046)

50%

(0.8046)

38.2%

(0.8046) 3 YEAR TRENDUNDER

THREATBENEATH

0.9570

AUD/USD(WEEKLY)

AUD/USD(240 MIN)

R1 1.0688

S1 1.0387

5

DAILY TECHNICAL REPORT 27 January, 2012

www.migbank.com

Lower high in place at 0.9339.

· USD/CHF has now broken clearly under 0.9306 which suggests scope

for a larger fall to develop. A lower high is now possibly in place at

0.9339 for a fresh swing to the downside, with a medium-term target at

0.8733.

· Italian 10 year yields have seen a reasonable pullback, having traded

over 7.000% at the beginning of the year. This fall in yields is expected

to be temporary. However, if a sustained hold can be maintained under

the 50 week moving average, at 5.525%, then our bearish bias in

USD/CHF will be negated in favour of renewed strength.

· 10 year yields in Spain and Italy are currently trading at 5.020% and

5.947% versus 6.478% and 7.355%, before the US Dollar based swap

agreement.

S-T TREND L-T TREND STRATEGY

ê é Missed sell. Await fresh signal.

USD/CHF hourly chart, Bloomberg Finance LP

Bijoy Kar, Technical Strategist, E-mail: b.kar@migbank.com, Phone: +41 32 7228 424

USD/CHF

USD/CHF daily chart, Bloomberg Finance LP