7th of December 2010 - Technical Forex Market Overview

DAILY Technical Forex Market Overview
7 December 2010 – 8:00 GMT
Tuesday

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

USDCAD focus on 0.9978/31.

EURUSD BEARISH Recovery pressured 1.3448; focus is back on downside, expect decline towards 1.3193 and 1.2969 next.

USDJPY NEUTRAL 83.90 and 81.66 mark the near-term directional triggers.

GBPUSD BEARISH Outlook is bearish; expect losses to target 1.5581 and 1.5485 next. Resistance at 1.5788.

USDCHF NEUTRAL Initial support at 0.9726. Resistance at 0.9951.

AUDUSD NEUTRAL Recovery held below 0.9954, support comes in at 0.9739.

USDCAD BEARISH Focus is on the 0.9978/31 support zone; a break here would open up the way towards 0.9820. Resistance at 1.0190.

EURCHF BEARISH Remains heavy below 1.3229 breakout low keeping our focus on downside; expect losses to target 1.2933 and 1.2766 next.

EURGBP BEARISH Momentum is negative with initial support defined at 0.8390 ahead of 0.8335. Upside capped at 0.8564.

EURJPY BEARISH Decline through 108.35 and 107.73 would open up the way towards 105.44 key low. Near-term resistance at 111.98.

SCHEDULE

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

A. M. Negrin Bautista, CFA

Chief Analyst at Fibosignals.com

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