23rd of March 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
23 March 2011 – 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

USDJPY 82.01 resistance holds.

EURUSD BULLISH Upside potential found resistance below 1.4282 key high, a break of this level would expose 1.4373 and 1.4423. Initial support is at 1.3981.

USDJPY BEARISH Resistance at 82.01 holds, while a move below initial support 80.00 would open way to 78.83.

GBPUSD BULLISH Rise through 1.6458 would favor extension of the bull trend towards 1.6516. Near-term support is at 1.6293.

USDCHF BEARISH Support is at 0.8964, break of this level would expose 0.8852. Initial resistance is at 0.9198.

AUDUSD NEUTRAL The pair holds below 1.0162; a break here would trigger a bull trend. A move below 1.0000 initial support would open 0.9932 instead.

USDCAD NEUTRAL 0.9974 and 0.9668 mark the key directional triggers. Near-term resistance is at 0.9867, while support lies at 0.9735.

EURCHF BEARISH Break of 1.2755 would expose 1.2571, while resistance is at 1.2945.

EURGBP BULLISH AS long as the pullback holds above 0.8626, expect recovery towards 0.8761/87 resistance area.

EURJPY BULLISH Push above 115.57 would open up the way for gains towards 116.00/68 area; short-term support is at 114.41.


SCHEDULE

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A. White
Analyst at Fibosignals.com

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