6th of June 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
6 June 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

EURUSD BULLISH Momentum is positive; the pair targets 1.4711, break above this would open up 1.4900. Initial support lies at 1.4451.

USDJPY BEARISH Pressure on initial support at 80.00, key level; move below this would expose 79.57. Resistance is at 81.01.

GBPUSD BULLISH Break of 1.6418 has exposed resistance at 1.6496 ahead of 1.6547. Near-term support lies at 1.6286.

USDCHF BEARISH Decline through 0.8300 has exposed support at 0.8228, intraday low ahead of 0.8200. Resistance lies at 0.8453.

AUDUSD BULLISH Move above 1.0758 has paved the way for gains towards 1.0794 and 1.0877. Near-term support is at 1.0587.

USDCAD BULLISH Upside potential; focus on initial resistance at 0.9852 ahead of 0.9910. Initial support is at 0.9745.

EURCHF BEARISH Resistance at 1.2318 holds, focus on support at 1.2108, break of this would open 1.2054.

EURGBP BULLISH Watch resistance at 0.8941, break above this would pave the way towards 0.9000. Support is at 0.8846.

EURJPY BULLISH Break above 117.80 is required to confirm the bull trend and expose 118.38. Initial support lies at 115.93.


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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