18th of January 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
18 January 2011 – 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

GBPUSD breaks 1.5911/35.

EURUSD BULLISH Upside potential holds below 1.3500, a move above this level would signal a strong bull trend and expose 1.3575 next. Near-term support lies at 1.3232.

USDJPY BEARISH Focus is on 82.31, breach of this level would expose 81.89. Resistance is at 83.67.

GBPUSD BULLISH Break of 1.5911/35 area has exposed 1.6074/94 zone. Initial support defined at 1.5810.

USDCHF BULLISH Focus remains on the upside with resistance at 0.9784 ahead of 0.9852. On the downside, break of 0.9605 has exposed new support level at 0.9542.

AUDUSD BEARISH The pair found support at 0.9804 ahead of 0.9753; resistance at 1.0020.

USDCAD BEARISH Pressure on upper end of the zone 0.9849/25, break of this area would expose 0.9712. Resistance is at 0.9977 reaction high.

EURCHF BULLISH Rise through 1.2952 would expose 1.3038; initial support at 1.2757.

EURGBP BEARISH Downward momentum, the pair targets 0.8313 ahead of 0.8285. Resistance at 0.8455 yesterday's high.

EURJPY BULLISH As long as support at 109.48 holds, expect recovery towards 111.12 and 112.19 next.

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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