7th of January 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
7 January 2011 – 8:00 GMT
Friday

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

EURUSD breaks 1.3084/55.

EURUSD BEARISH Break of 1.3084/55 area has exposed 1.2830/1.2796. Resistance is at 1.3170.

USDJPY NEUTRAL Focus is on 83.67, with the big resistance at the 84.51 mid-December high next; support at 81.89.

GBPUSD BEARISH Support is at 1.5345 while resistance is at 1.5695.

USDCHF NEUTRAL Focus on the tough 0.9774 Fibonacci resistance. Support lies at 0.9469.

AUDUSD NEUTRAL Pressure on 0.9951/18 support area with resistance at 1.0256.

USDCAD BEARISH Break of 0.9917 would expose 0.9889/25 area. Initial resistance is at 1.0034.

EURCHF BEARISH Rise above 1.2699/1.2702 exposes 1.2847/88. Support is at 1.2456.

EURGBP BEARISH Decline through 0.8409 Fibonacci support has exposed 0.8347/35 support area; resistance at 0.8489 yesterday's high.

EURJPY BEARISH Bearish outlook; support is at 107.61 with resistance at 110.82.

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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