1st of June 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
1 June 2011 – 8:00 GMT
Wednesday

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

USDJPY 80.70 support

EURUSD NEUTRAL Move above 1.4455 would signal scope for gains towards 1.4569, Fibonacci level. Support lies at 1.4257.

USDJPY BEARISH Momentum is negative; break below 80.70 would open 80.34. Near-term resistance is at 82.00.

GBPUSD BULLISH Focus is on 1.6547, break of this level would open 1.6584. Near-term support is at 1.6379.

USDCHF BEARISH Support at 0.8465 holds, break here would expose 0.8400. Resistance lies at 0.8663.

AUDUSD BULLISH Break of 1.0794 would confirm the bull trend and pave the way for gains towards 1.0889. Support lies at 1.0643.

USDCAD NEUTRAL Sharp fall through 0.9675 has exposed support at 0.9631/00 area, while resistance lies at 0.9772 ahead of 0.9816.

EURCHF BEARISH As long as resistance at 1.2360 remains intact, watch support at 1.2156 and 1.2102.

EURGBP NEUTRAL Recovery through 0.8752 has exposed 0.8776 ahead of 0.8800. Initial support lies at 0.8667.

EURJPY NEUTRAL Initial resistance is at 118.00 ahead of 118.38. Support is at 115.57.


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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