2nd of June 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
2 June 2011 – 8:00 GMT
Thursday

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

USDCAD 0.9816 key resistance.

EURUSD NEUTRAL Move above 1.4455 has exposed resistance at 1.4500, psychological level. Support lies at 1.4257.

USDJPY BEARISH Bearish trend is intact; scope for further weakness towards 80.34 and 80.00. Resistance at 81.77.

GBPUSD BULLISH Initial resistance is at 1.6496, break of this level would expose 1.6547. Initial support is at 1.6268.

USDCHF BEARISH Focus on initial support 0.8383, yesterday's low; break through this would leave little support till 0.8300. Resistance lies at 0.8544.

AUDUSD BEARISH Pull back through 1.0609 has exposed support at 1.0510, look for a break of this level to confirm the bear trend. Resistane is at 1.0758.

USDCAD BULLISH Break above 0.9772 has exposed key level at 0.9816. Initial support is at 0.9667.

EURCHF BEARISH Move below 1.2102 has put focus on support at 1.2000. Initial resistance is at 1.2318.

EURGBP NEUTRAL Watch resistance at 0.8827, break of this level would trigger a uptrend. Support lies at 0.8744.

EURJPY NEUTRAL Initial resistance is at 117.80, break of this level would open 118.38. Downside trigger is at 115.57.


SCHEDULE

Please visit Fibosignals.com’s Economic Calendar for a schedule of market news and events.

A. White
Analyst at Fibosignals.com

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