2nd of November 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
2 November 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

EURUSD NEUTRAL Key support is at 1.3567; a break below this level would be a bearish development and open 1.3500. Resistance is at 1.3871 ahead of 1.4000.

USDJPY NEUTRAL Resistance is at 78.99 ahead of 79.53. Support lies at 77.43 ahead of 76.94.

GBPUSD BULLISH Initial resistance is at 1.6097, a break above this level would expose 1.6167. Support lies at 1.5825.

USDCHF NEUTRAL The recovery needs to break above 0.9083 to develop bullish conditions and expose 0.9316. A pull back through 0.8568 would resume weakness.

AUDUSD BULLISH Resistance is at 1.0567; a break above this level would reinforce the bull trend and open 1.0765, the Sept 1. key high. Support lies at 1.0203 ahead of 1.0102.

USDCAD BEARISH Support lies at 0.9975 ahead of 0.9892, a key low from Oct. 27. Key resistance is at 1.0273.

EURCHF BEARISH Key support is at 1.2123; a move below this level would expose 1.2012. Resistance is at 1.2288.

EURGBP BEARISH Focus on key support at 0.8530, a break below which would signal scope for extension of losses towards 0.8456. Resistance is at 0.8623 ahead of 0.8670.

EURJPY BULLISH Resistance is at 109.24 ahead of 111.94, key high from Aug 29. Near-term support lies at 105.68 ahead of 104.75.


A. White
Analyst at Fibosignals.com

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