Tuesday 31/01/2012 10.30 PM GMT

This is a short late report today, due to a problem with our database – there is no real news today so we will look at our positions and we see some great opportunities at current levels ...

We remain long term dollar bulls and see no reason to change this view. None of the big fundamentals driving prices have changed – we still have slowing global growth, a crisis in euro zone which is getting worse and the possibility of a hard landing in emerging nations such as China so the dip in the dollar looks like a healthy correction rather than a trend change...

Position Summary

AD: We were wrong about the Aussie thinking it would top out into 1.050 and we ran up to 1.070 and came off. However we remain firmly bearish and think we will see 1.070 hold and a close below 1.060 would set up a test of 1.040. We still remain heavily bearish and expect a massive downside brake which will take us all the way down to 80.00 in the coming months

BP: The British Pound has rallied and closed above 1.57 and is near 1.58 and we lost a point on this move but were about to hit it hard from the short side on weakness AM – its overbought on momentum and the stochastic is at 94.00 so - on weakness tomorrow we will hit it hard and watch for a move back to 1.5550.

CD: We are short and were up at par and overbought and got above this level and have fallen back. Momentum is overbought so expect a downside break next week to target 97.00.

EC: We are lightly trading the short side from 1.30 and have relatively wide stop back behind the gap at 1.32. We have been up to the gap and fallen back. Were overbought and would expect a move back in the first instance to 1.30 and longer term, we see 1.20 or lower. The recent rally is simply short covering and a selling opportunity.

JY: After banking a small swing trade profit last week, we have been on the sidelines and prices have fallen to 76.00 support momentum is oversold and we will look for buying opportunities tomorrow on a momentum turn up.

No Change ….

A short report today - but no real change in the fundamentals, leaves as long term dollar bulls. We expect the dollar to base out around here in a choppy trade and resume its upward trend which has made us good profits over the last few months. We expect more profits to come and the dollar to move a lot higher by the end of the week.

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