1st of February 2012 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
1 February 2012 – 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 BULLISH Next resistance is at 1.3244 ahead of 1.3459. Support at 1.3077 is under test. A clear break below this would open 1.2931.

USDJPY BEARISH Yesterday's closing break below 76.33 has confirmed the breakout of the 76.33-78.29 range and opened 75.35, the Oct 31 key low. Resistance is at 76.55.

GBPUSD BULLISH The key bull trigger at 1.5780 is under test. Clearance of 1.5797 would open 1.5889. Support lies at 1.5642.

USDCHF BEARISH Support at 0.9112 holds for now; next support is at 0.9066. Resistance is at 0.9339 ahead of 0.9413.

AUDUSD BULLISH Resistance at 1.0688 is intact; next resistance is at 1.0765, the September 2011 high. Initial support is at 1.0527 ahead of the key support at 1.0428.

USDCAD BEARISH Support at 0.9975 is under test. A break below 0.9965 would open 0.9892, the October 2011 low. Resistance is at 1.0163.

EURCHF NEUTRAL Support lies at 1.2000 while resistance is at 1.2133.

EURGBP BEARISH Yesterday's sharp sell-off through multiple supports has opened 0.8255 ahead of 0.8222, the Jan 9 key low. Key resistance is at 0.8426.

EURJPY BULLISH A rise above 101.58 would expose 102.54, the Dec. 21 key high. Support is at 98.92.


SCHEDULE

Please visit our Economic Calendar for a for a schedule of market news and events: http://www.fibosignals.com/5585/calendar.html.

A. White
Analyst at Fibosignals.com

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