16th of March 2012 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
16 March 2012 – 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

EURUSD BEARISH Outlook is bearish with focus on the Feb 16 key low of 1.2974; clearance of the level would open 1.2828. Resistance is at 1.3191.

USDJPY BULLISH USDJPY pulled back to unwind upside extremes; initial support at 82.87 ahead of 81.97. Underlying trend is bullish with initial resistance at 84.18.

GBPUSD BEARISH A move below 1.5603 would pave the way for 1.5525. Resistance is at 1.5748.

USDCHF BULLISH A rally through 0.9342 would open up the door to 0.9596, the year-to-date high. Interim resistance is at 0.9413. Support lies at 0.9140

AUDUSD BEARISH The focus is on key support at 1.0401, where a break would signal extension of losses to 1.0260. Resistance is at 1.0588.

USDCAD BEARISH As long as key resistance at 1.0050 holds, we expect downside pressure to persist. Initial support lies at 0.9873 ahead of 0.9842, the year-to-date low.

EURCHF NEUTRAL Clearance of 1.2147 would expose 1.2189. Support is at 1.2040.

EURGBP NEUTRAL Support lies at 0.8295 whereas resistance is at 0.8360.

EURJPY BULLISH The cross targets 109.93, the year-to-date high; a break here would open 110.18 and then 111.60. Support is at 107.65.


SCHEDULE

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A. White
Analyst at Fibosignals.com

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