23rd of February 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
23 February 2011 – 8:00 GMT
Wednesday

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


TECHNICAL DATA

EURJPY 114.94 resistance.

EURUSD BULLISH The pair targets 1.3744, break here would expose 1.3826. On the downside, initial support is at 1.3525 intraday low ahead of 1.3463.

USDJPY BULLISH As long as 82.34 continue to cap the downside risks, expect recovery towards 83.98.

GBPUSD BULLISH Stalled in front of 1.6279/99 resistance zone. Support is defined at 1.6076.

USDCHF BEARISH Focus is on 0.9329/01 support area. Initial resistance at 0.9539.

AUDUSD BULLISH Initial resistance lies at 1.0158 ahead of 1.0200 while near-term support is defined at 0.9944.

USDCAD BEARISH Initial support is at 0.9816 ahead of 0.9745/12 area.

EURCHF NEUTRAL 1.3029 and 1.2774 mark the near term bull and bear triggers respectively.

EURGBP BEARISH Break of 0.8356 would open way towards 0.8332/13 support zone. Resistance is at 0.8514.

EURJPY BULLISH Support at 112.09 holds, while a break above 114.94 would expose 115.42/68 zone.

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

DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.