8th of March 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
8 March 2011 – 8:00 GMT
Tuesday

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

AUDUSD holds below 1.0202.

EURUSD BULLISH Momentum is positive; expect gains to target 1.4086 ahead of 1.4282.

Near-term support is defined at 1.3862.

USDJPY BEARISH Initial support defined at 81.57; a break here would expose 81.13/80.93 support area. Resistance is at 83.07.

GBPUSD BULLISH Rise through 1.6344/79 would expose 1.6458, while support at 1.6072 holds.

USDCHF BEARISH Focus is on 0.9200; move below this would open 0.8951 next. Near-term resistance at 0.9392.

AUDUSD BULLISH Upside potential holds below 1.0202, break of this would expose key resistance 1.0256. Near-term support is at 1.0076.

USDCAD BEARISH Bearish outlook is intact with focus on 0.9684. Resistance is at 0.9800.

EURCHF NEUTRAL 1.3138 and 1.2788 mark the near term directional triggers.

EURGBP BULLISH Break of 0.8619 exposes 0.8654/72 resistance area. Near-term support is at 0.8566.

EURJPY BULLISH Look for gains towards 116.00/65 zone. Initial support is defined at 114.19, previous high.

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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