7th of March 2012 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
7 March 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 BEARISH Decline through 1.3056 would expose 1.2974. Resistance is at 1.3241.

USDJPY BULLISH We view the recent sell-off as correction; resistance is at 81.59, a move above which would expose 81.87. Support lies at 80.24, a prior high.

GBPUSD BULLISH Our focus remains on upside with resistances at 1.5883 and 1.5993, the year-to-date high. Key support lies at 1.5645.

USDCHF NEUTRAL Resistance is now at 0.9213 ahead of 0.9300, the February rejection high. Support lies at 0.9106 ahead of 0.9022.

AUDUSD NEUTRAL Support is at 1.0476 ahead of 1.0428. Resistance is at 1.0598 ahead of 1.0691.

USDCAD BEARISH Pair is approaching 1.0052; as long as this resistance holds our outlook would remain bearish. Supports are at 0.9937 and 0.9886.

EURCHF NEUTRAL Resistance is at 1.2084 and support is at 1.2041.

EURGBP NEUTRAL Support lies at 0.8311, the trendline support drawn off the Jan. 9 low, ahead of 0.8265. Resistance is at 0.8383 ahead of 0.8410.

EURJPY BULLISH Resistances are at 108.04 and 108.74 next. Support is at 105.44.


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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