Friday, March 11, 2011

11th of March 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
11 March 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 constructive above 114.19.

EURUSD BULLISH While the pair holds above 1.3744/32, expect recovery towards 1.3925 and 1.4036 next.

USDJPY BULLISH Break of 83.07 has exposed resistance at 83.54. Near-term support defined at 82.21.

GBPUSD NEUTRAL Move below 1.6031 and 1.5964 thereafter would trigger negative tone. Initial resistance is defined at 1.6213.

USDCHF BEARISH Focus is on 0.9236/00 support zone, move below this would expose 0.8951. Initial resistance is at 0.9392 ahead of 0.9421.

AUDUSD BEARISH Look for a break below 0.9944 to trigger bear trend. Near-term resistance is at 1.0118.

USDCAD BEARISH Focus is on initial support 0.9668; break of this would expose 0.9600. Resistance is defined at 0.9776 ahead of 0.9800.

EURCHF BEARISH The cross targets 1.2788 with scope for 1.2706 next. On the upside, resistance holds at 1.3040.

EURGBP BULLISH Break of 0.8636 is required to confirm the uptrend and pave the way towards 0.8654/72 area. Near-term support is at 0.8534.

EURJPY BULLISH Remains constructive above 114.19, resistance is at 116.00/65 area.


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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