3rd of March 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
3 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 81.13/80.93 support.

EURUSD BULLISH Recovery through 1.3862 has opened up the way towards 1.3948/74 zone. Near term support is at 1.3712.

USDJPY BEARISH Breach of 81.62 exposes 81.13/80.93 support area. Initial resistance is at 82.24.

GBPUSD BULLISH Clearance of 1.6330 has exposed 1.6379. Support is defined at 1.6216.

USDCHF BEARISH Pressure on 0.9200; breach of this would expose 0.8951 next. Near-term resistance at 0.9323.

AUDUSD BULLISH Rise above 1.0202 would open 1.0256 key resistance. Near-term support at 1.0085.

USDCAD BEARISH Initial support is at 0.9684, breach of this would expose 0.9600. Resistance at 0.9800.

EURCHF BEARISH Move above 1.2706 would expose 1.2686 and 1.2592 next. Near-term resistance is at 1.2893.

EURGBP BULLISH Support at 0.8423 continues to hold, expect gains towards 0.8555 ahead of 0.8593.

EURJPY BULLISH Momentum is positive; initial resistance at 114.19 ahead of 114.94 while support at 111.96.

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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