2nd of September 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
2 September 2011 – 8:00 GMT
Friday

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

EURJPY 110.95 resistance.

EURUSD NEUTRAL Initial support lies at 1.4150, a break here would open 1.4104 ahead of 1.4055. While a recovery through 1.4386 would expose 1.4469.

USDJPY BEARISH Break below 76.34 would reinforce the bearish conditions and open the way for a move towards 75.95, the key low. Resistance is at 77.70.

GBPUSD BEARISH Sharp sell-off broke through 1.6167 to expose support at the Aug 11 low of 1.6111 ahead of 1.6041. Initial resistance is at 1.6334.

USDCHF BULLISH Resistance is at 0.8209 ahead of 0.8278, while a pull back through 0.7893 would hurt the short-term bull trend and open up 0.7744.

AUDUSD BULLISH Focus is on resistance at 1.0786, a break of which would expose the Fibonacci level of 1.0809 ahead of 1.1007. Initial support lies at 1.0561.

USDCAD NEUTRAL Resistance is at 0.9839 and support lies at 0.9708, a Fibonacci level.

EURCHF BULLISH Initial resistance is at 1.1852, a break above which would open 1.1973. Support lies at 1.1248, a Fibonacci level.

EURGBP BULLISH A clear break above the key high from Aug 10 of 0.8886 would be an important bull trigger to expose 0.8915. Support lies at 0.8742.

EURJPY BEARISH Key support lies at 109.02, next level comes in at 108.52. Initial resistance is at 110.95.


A. White
Analyst at Fibosignals.com

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