19th of January 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
19 January 2011 – 8:00 GMT
Wednesday

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Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
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TECHNICAL DATA

USDJPY breaks 82.31 support.

EURUSD BULLISH Remains constructive below 1.3500, a move above this level would signal a strong bull trend and expose 1.3575 next. Near-term support lies at 1.3245.

USDJPY BEARISH Negative tone continues with break of 82.31 and targets 81.89/61 next. Resistance is at 83.67.

GBPUSD BULLISH Recovery eyes 1.6074/94 resistance zone. Initial support defined at 1.5878 yesterday's low.

USDCHF BULLISH As long as 0.9542 support holds; broader focus is on the upside with initial resistance at 0.9687 ahead of 0.9784.

AUDUSD NEUTRAL Upward momentum with break of 1.0020 resistance; support is at 0.9804 while resistance is at 1.0076.

USDCAD BEARISH Tough support at 0.9820; breach of this would favor extension of bear trend towards 0.9712. Resistance is at 0.9977 reaction high.

EURCHF BULLISH Recovery found resistance at 1.2952 ahead of 1.3038; initial support at 1.2757.

EURGBP BEARISH The pair targets 0.8313 ahead of 0.8285. Resistance is at 0.8455.

EURJPY BULLISH Push above 111.12 has made the pair focus on 111.16 yesterday's high ahead of 112.19 next. Support at 109.56 holds.

SCHEDULE

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A. M. Negrin Bautista, CFA

Chief Analyst at Fibosignals.com

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