3rd of January 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
3 January 2011 – 8:00 GMT
Monday

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

USDCAD eyes 0.9820 pivotal low.

EURUSD NEUTRAL Immediate focus is on support at 1.3216. Resistance lies at 1.3425.

USDJPY BEARISH Downside focus is on support at 80.54 low. Resistance is at 81.86.

GBPUSD BEARISH Abrupt rise with an immediate pullback puts focus back on support at 1.5425 low. The pair remains heavy below 1.5911.

USDCHF BEARISH Bearish outlook intact; focus is on0.9301 ahead of 0.9171 Fibonacci level. Resistance is at 0.9462.

AUDUSD BULLISH Bull trend intact; break of 1.0183 and 1.0211 Fibonacci resistance exposes 1.0333 high; support lies at 1.0152.

USDCAD BEARISH Breaks below 0.9931 key low, now targets 0.9872 ahead of 0.9820 pivotal low. Immediate resistance is at 1.0023.

EURCHF BEARISH Remains heavy below 1.2699 high. Focus is on 1.2400 ahead of 1.2283.

EURGBP BULLISH Sharp rise to 0.8643 followed by immediate pullback puts focus on 0.8503 near-term support; but the cross remains constructive above 0.8446.

EURJPY BEARISH Push through 107.61 would expose 105.80 key low. Resistance is at 108.93.

SCHEDULE

Please visit Fibosignals.com’s Economic Calendar for a schedule of market news and events.

A. M. Negrin Bautista, CFA

Chief Analyst at Fibosignals.com

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