21st of January 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
21 January 2011 – 8:00 GMT
Friday

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

EURJPY pressure on 112.19.

EURUSD BULLISH Sustained break through 1.3539/75 would expose 1.3741. Near-term support lies at 1.3369.

USDJPY NEUTRAL Spiky rise through 82.98 has turned the model to neutral; while support holds at 81.85/61, resistance is at 83.49.

GBPUSD BULLISH Push through 1.6059/94 resistance zone would open up the way towards 1.6184. Initial support defined at 1.5810.

USDCHF BULLISH While support holds at 0.9521, break of 0.9647 has exposed the next level of resistance at 0.9722 ahead of 0.9764.

AUDUSD BEARISH Abrupt decline through 0.9856 puts pressure on 0.9804, breach of this level would expose 0.9753. Near-term resistance at 1.0009 yesterday's high.

USDCAD NEUTRAL 1.0034 and 0.9912 mark the near term directional triggers.

EURCHF BULLISH Rise through 1.3038 has exposed 1.3122 next ahead of 1.3206; initial support at 1.2815 yesterday's low.

EURGBP NEUTRAL Focus is on initial resistance 0.8499 while support holds at 0.8377.

EURJPY BULLISH Pressure on 112.19, break of this level would expose 113.03; initial support is at 110.32.

SCHEDULE

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A. M. Negrin Bautista, CFA

Chief Analyst at Fibosignals.com

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