2nd of February 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
2 February 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

EURUSD clears 1.3786/1.3825.

EURUSD BULLISH With the breach of 1.3786/1.3825 look for a run towards 1.3888/1.3948 resistance zone. Initial support lies at 1.3690.

USDJPY BEARISH Break of 80.93 would expose 80.54 and 80.22 next. Resistance at 82.15.

GBPUSD BULLISH Focus is on 1.6183/1.6214 resistance zone. Support lies at 1.6010.

USDCHF BEARISH Pressure builds on 0.9301; break of the level would leave little support till 0.9018. Initial resistance is at 0.9482.

AUDUSD BULLISH Clearance of 1.0083 favours extension of bull trend towards 1.0149 and 1.0256. Support lies at 0.9964.

USDCAD BEARISH Sharp fall through 0.9934 has put focus on 0.9838 next. Near term resistance at 1.0011.

EURCHF BULLISH As long as support at 1.2774 holds, expect gains towards 1.3002 and 1.3069.

EURGBP BULLISH Break of 0.8619 would expose 0.8672/91 resistance zone. Initial support lies at 0.8510.

EURJPY BULLISH Upside potential; break of 114.01 would confirm the resumption of bull trend and aim for 114.94 ahead of 115.68. Support lies at 111.28.

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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