23rd of May 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
23 May 2011 – 8:00 GMT
Monday

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

EURCHF clears 1.2403 key low

EURUSD BEARISH Break below 1.4121 has shifted focus to 1.4048/21 support zone. Near-term resistance is at 1.4346 ahead of 1.4389.

USDJPY NEUTRAL Break above 82.23 and 82.55 is required to trigger the bull trend; near-term support is at 80.94.

GBPUSD BEARISH Momentum is negative with initial support at 1.6091 ahead of 1.6046. Initial resistance is at 1.6351.

USDCHF NEUTRAL 0.8951 and 0.8706 mark the near-term directional triggers.

AUDUSD BEARISH The pair heads towards 1.0506; break of the level would expose 1.0443. Near-term resistance is at 1.0711.

USDCAD BULLISH Rise above 0.9794 would expose 0.9849. Support lies at 0.9641.

EURCHF BEARISH Break of 1.2403, the key low from Dec 30, has exposed 1.2314, trend channel support. Resistance is at 1.2500.

EURGBP BEARISH Pressure on 0.8674; breach of the level would expose 0.8655. Resistance is at 0.8722.

EURJPY BEARISH Violation of 115.23 has opened up the way towards 114.29 and 113.42, resistance holds at 117.24.


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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