20th of October 2010 - Technical Forex Market Overview

DAILY Technical Forex Market Overview

20 October 2010 – 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

USDCAD 1.0380 tough resistance.

EURUSD BULLISH Break of 1.3775 reaction low exposes 1.3637/1.3559 support zone.

USDJPY BEARISH Next support at 79.75 ahead of 77.91. upside potential capped at 83.03.

GBPUSD BULLISH Room toward support at 1.5606, but as long as it holds, view pullback as correction.

USDCHF BEARISH Rise through 0.9729 exposes 0.9918 breakout low. Next big support below0.9463 at 0.9225.

AUDUSD BULLISH Sharp decline yesterday exposed 0.9542 reaction low. Momentum is picking up; expect recovery towards 1.0004 trend high.

USDCAD BEARISH Tough resistance in 1.0380/1.0407 area. Initial support at 1.0162 ahead of 0.9981.

EURCHF BULLISH Upside potential holds below 1.3494; break of the level would expose 1.3665. Initial support lies at 1.3265 ahead of 1.3072.

EURGBP BULLISH Momentum is positive; expect gains to target 0.8840 with scope for 0.8894 and 0.9039 next. Near-term support holds at 0.8689.

EURJPY BULLISH Move below 111.77 exposes 110.66 ahead of 107.73. Upside capped at 115.68.

SCHEDULE

Please visit Fibosignals.com’s Economic Calendar for a schedule of market news and events.

A. White
Analyst at Fibosignals.com