1st of February 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
1 February 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 clears 1.6059.

EURUSD BULLISH Recovery has stalled at 1.3758, break above this would expose 1.3786/1.3825. Initial support lies at 1.3541.

USDJPY BEARISH Pullback eyes 81.61 with scope for 81.23 next. Resistance at 82.93.

GBPUSD BULLISH Break of 1.6059 has exposed 1.6183/1.6214 resistance zone. Support at 1.5752 holds.

USDCHF BEARISH Violation of 0.9390 has exposed 0.9327 next ahead of key support 0.9301. Initial resistance is at 0.9523.

AUDUSD BULLISH Focus is on resistance 1.0077 ahead of 1.0149 while support zone lies at 0.9833/04.

USDCAD BULLISH Upside potential; break of 1.0031 has exposed 1.0067 ahead of 1.0116. Near-term support at 0.9934

EURCHF BULLISH As long as support at 1.2774 holds, expect gains towards 1.3002 and 1.3069.

EURGBP BULLISH Push through 0.8672/91 resistance zone would open up the way towards 0.8777. Initial support lies at 0.8493.

EURJPY BULLISH Pullback seen as correction; break of 114.01 would confirm the resumption of bull trend and aim for 114.94 ahead of 115.68. Support lies at 111.28.

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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