10th of May 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
10 May 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

EURCHF focus on 1.2433/03.

EURUSD NEUTRAL Focus on initial support at 1.4205, break of this would expose 1.4158/48 area. Initial resistance is at 1.4442.

USDJPY BEARISH The pair is consolidating above 80.00; break of this would expose 79.57 and 78.83 next. Resistance is at 81.28.

GBPUSD NEUTRAL Initial support is at 1.6271, yesterday's reaction low, while resistance lies at 1.6464.

USDCHF BEARISH While resistance at 0.8893 holds, focus is on initial support 0.8677 ahead of 0.8554/00 area.

AUDUSD NEUTRAL Rise above 1.0878 would signal resumption of the bull trend and expose 1.0953. Support lies at 1.0697 ahead of 1.0537.

USDCAD NEUTRAL Stalled below 0.9722 resistance; a break here would trigger positive tone. Near-term support lies at 0.9569.

EURCHF BEARISH Momentum is negative; focus on 1.2433/03 support area, while resistance is at 1.2653.

EURGBP BEARISH Break through 0.8714/00 support zone would expose 0.8655. Near-term resistance is at 0.8818.

EURJPY BEARISH Sustained break through 115.00 would open up the way towards 114.16 and 113.56. Initial resistance is at 116.48.


SCHEDULE

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

A. White
Analyst at Fibosignals.com

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