3rd of April 2012 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
3 April 2012 – 8:00 GMT
Tuesday

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

EURUSD BULLISH Focus is on 1.3386; a clearance of this level would trigger extension of gains to the key high of 1.3486. Support holds at 1.3252 for now.

USDJPY BEARISH A close below 81.96 is required to confirm the break of the level and open next support at 81.47. Resistance is at 83.30.

GBPUSD BULLISH Next target resistance is at 1.6096, where a break would open the key high of 1.6167. Support lies at 1.5947.

USDCHF BEARISH Pressure is on 0.9002; a break here would favour extension of weakness to 0.8961. Resistance is at 0.9094.

AUDUSD NEUTRAL Resistance is at 1.0515, the 38% retracement of the March sell-off. Initial support lies at 1.0305 ahead of 1.0260.

USDCAD NEUTRAL Violation of 0.9901 has exposed the March 19 low of 0.9861. Resistance holds at 0.9991.

EURCHF NEUTRAL Support is at 1.2000. Resistance is at 1.2070.

EURGBP NEUTRAL Trend conditions are unclear at the moment. Initial support lies at 0.8283 ahead of 0.8264. Resistance is at 0.8355.

EURJPY BULLISH The cross remains constructive above 108.49. We expect the cross to trade back to the recent high of 111.26 where a break would expose 111.60.


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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