19th of March 2012 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
19 March 2012 – 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 BEARISH Our focus is on resistance at 1.3191 where a break would open 1.3291. Support is at 1.3096 ahead of the key support at 1.2974.

USDJPY BULLISH We view the recent pullback as correction. Support lies at 83.20 ahead of 82.81. A push above 83.68 would expose 84.18, the key upside trigger.

GBPUSD NEUTRAL Resistance is at 1.5883 ahead of the key resistance at 1.5993. Support is at 1.5732.

USDCHF BULLISH The pullback from last week's high at 0.9335 is seen as a correction. Key support to watch is at 0.9133 ahead of 0.9085. A closing break above 0.9243 would signal a bullish resumption.

AUDUSD BEARISH Support lies at 1.0519 ahead of the 1.0401. Resistance is at 1.0670.

USDCAD BEARISH As long as key resistance at 1.0029 holds, we expect downside pressure to persist. Initial resistance is at 0.9951 whereas support lies at 0.9873 ahead of 0.9842, the year-to-date low.

EURCHF NEUTRAL Resistance is at 1.2147 ahead of 1.2189. Support is at 1.2040.

EURGBP NEUTRAL The cross tested the key support 0.8295 to print a low of 0.8293 on Friday. A closing break below this would suggest further weakness and expose 0.8265 ahead of 0.8222. Resistance is at 0.8351.

EURJPY BULLISH Key resistance is at 110.18 where a break would expose 111.60. Support is at 107.90.


SCHEDULE

Please visit our Economic Calendar for a for a schedule of market news and events: http://www.fibosignals.com/5585/calendar.html.

A. White
Analyst at Fibosignals.com

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