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In my first video of the new year, we jump right back into the same fundamental issues that we ended 2011 off with. It should surprise no one that the European financial crisis continues to wrench the markets or that intervention sustains the confusion against a natural unwinding of risk. We look at the return of market depth with the medium-term view of EURUSD; but we also account for the absence of a clear trend through short-term GBPUSD, USDCHF and AUDUSD setups. We throw in EURCHF and AUDNZD again as more attractive fundamental alternatives as well.