7th of March 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
7 March 2011 – 8:00 GMT
Monday

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

EURUSD 1.4086 resistance

EURUSD BULLISH Move above 1.4000 has exposed 1.4086 ahead of 1.4282. Near-term support is defined at 1.3833.

USDJPY BEARISH Move below 81.57 would open the way towards 81.13/80.93 support area. Resistance is at 83.07, Friday's reaction high.

GBPUSD BULLISH Resistance is at 1.6344/79 zone, break of this would pave the way for a run towards 1.6458. Near-term support lies at 1.6216.

USDCHF BEARISH Outlook remains bearish with focus on 0.9200; move below this level would open 0.8951 next. Near-term resistance at 0.9392.

AUDUSD BULLISH Upside potential holds below 1.0202, a break here would expose key resistance 1.0256. Near-term support at 1.0076.

USDCAD BEARISH While resistance at 0.9800 holds, focus is on initial support 0.9684. Break of this level would expose 0.9600.

EURCHF NEUTRAL Initial support is defined at 1.2788 and resistance at 1.3138.

EURGBP BULLISH Focus is on 0.8619 ahead of 0.8672, while near-term support lies at 0.8566.

EURJPY BULLISH Initial resistance is at 116.00, Friday's reaction high. Break of this would expose 117.01. Support defined at 114.19.

SCHEDULE

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A. M. Negrin Bautista, CFA

Chief Analyst at Fibosignals.com

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