12th of May 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
12 May 2011 – 8:00 GMT
Thursday

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

EURUSD 1.4158 support

EURUSD BEARISH Decline through 1.4205 has exposed 1.4158. Resistance comes in at 1.4423.

USDJPY BEARISH As long as resistance at 81.85 holds, focus is on 80.00 beak of which would expose 79.57 and 78.83 next.

GBPUSD NEUTRAL Resistance is at 1.6517, yesterday's reaction high, while support lies at 1.6271.

USDCHF BEARISH The pair remains heavy below 0.8893, keeping our focus on the downside. Initial support is at 0.8677 ahead of 0.8554.

AUDUSD BULLISH The pair pulled back through 1.0697 to expose 1.0537. Initial resistance is at 1.0889.

USDCAD NEUTRAL Resistance is at 0.9722, while support lies at 0.9505

EURCHF BEARISH Break below 1.2485 would expose 1.2433/03 support area. Near-term resistance lies at 1.2702.

EURGBP BEARISH Sharp decline through 0.8714/00 zone has exposed support at 0.8655 ahead of 0.8618. Near-term resistance is at 0.8800.

EURJPY BEARISH Violation of 114.80 has exposed 114.16 and 113.56. Resistance is at 116.90.


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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