6th of July 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
6 July 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

EURJPY focus on 117.90

EURUSD BULLISH While support at 1.4333 holds, focus on initial resistance at 1.4578; a break here would expose 1.4653 and 1.4697, the key high from June 7.

USDJPY BULLISH A move above 81.27 would open up the way towards 81.77 and 82.23. Support lies at 80.27.

GBPUSD BEARISH Decline through 1.5970 would favor extension of losses towards 1.5911. Resistance is at 1.6154.

USDCHF NEUTRAL Key resistance is at 0.8551, while support lies at 0.8306 ahead of 0.8276, the key low.

AUDUSD BULLISH Clearance of 1.0790 would signal scope for further gains towards 1.0889. Initial support lies at 1.0520.

USDCAD BEARISH A push through 0.9580 would expose key support at 0.9513. Resistance is at 0.9705.

EURCHF NEUTRAL Sharp fall below 1.2186 has turned the model to neutral; resistance is at 1.2346 and support lies at 1.2030.

EURGBP BULLISH As long as 0.8903 holds, expect a recovery towards 0.9049 and 0.9095, the Fibonacci resistance.

EURJPY BULLISH Focus is on 117.90 break of which would be an important bullish development to expose 118.38 next. Support holds at 115.91.


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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