12th of July 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
12 July 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

EURUSD breaks 1.3970

EURUSD BEARISH Decline through 1.3970 has confirmed the bearish conditions and exposed support at 1.3903 ahead of 1.3855. Near-term resistance is at 1.4298.

USDJPY BEARISH Break below 80.27 has opened the way towards 79.70 and 79.57. Initial resistance is at 80.83.

GBPUSD BEARISH Clearance of 1.5881 has put focus on 1.5822 ahead of 1.5752. Resistance is at 1.6056.

USDCHF BEARISH Key support is at 0.8276, a move below the level would open 0.8165. Resistance is at 0.8551.

AUDUSD NEUTRAL Pull back through 1.0591 has exposed support at 1.0520. Key resistance is at 1.0790.

USDCAD BEARISH Initial support is at 0.9600, a break of which would expose 0.9556. A recovery through 0.9740 would offset the losses and open 0.9780.

EURCHF BEARISH Scope for further weakness towards 1.1600 and 1.1458. Resistance is at 1.1984.

EURGBP NEUTRAL Downside trigger is at 0.8722, while resistance is at 0.8906.

EURJPY BEARISH Sell-off through 112.00 has paved the way for weakness towards 110.54 ahead of 110.00. Resistance is at 113.42.


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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