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Short Term Technical Analysis for Majors (07:00 GMT)

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Short Term Technical Analysis for Majors (07:00 GMT)

Postby WindsorBrokers » Tue Aug 14, 2012 8:17 am

EUR/USD
Maintains near-term positive tone, with yesterday’s rally extending gains to 1.2372 so far. As the price holds above psychological 1.2300 level and corrective pullback being contained at our initial support / 20 day EMA at 1.2320, fresh strength is looking for retest of 1.2372, above which to open 1.2386, 09 Aug high and 1.2400, figure resistance / 55 day SMA. Any dips should be held above 1.2300 handle, otherwise risk of revisiting recent lows would increase, as larger picture still shows bears in play.

Res: 1.2372, 1.2386, 1.2400, 1.2428
Sup: 1.2343, 1.2324, 1.2315, 1.2300

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GBP/USD
The pair holds positive near-term structure, as the price action moves around 1.5700 handle, following yesterday’s brief break higher to 1.5716. Immediate targets at very strong resistance zone at 1.5720, 200 day MA and range tops at 1.5760, remain in focus, as near-term indicators stay in the positive territory, with higher base at 1.5656, reinforced by 55 day EMA, expected to contain dips.

Res: 1.5716, 1.5720, 1.5736, 1.5766
Sup: 1.5673, 1.5656, 1.5640, 1.5625

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USD/JPY
The near-term price action continues to move higher, supported by positive near-term studies, after finding ground at 78.15 zone. However, short-term range-trade will continue, unless the upper boundary at 78.80, also Fib 38.2% of 80.09/77.90, is cleared. Dominating negative tone on the larger timeframe, requires caution, as 200 day SMA at 79.16, keeps the upside protected for now.

Res: 78.59, 78.64, 78.78, 79.00
Sup: 78.45, 78.36, 78.28, 78.15

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USD/CHF
The pair remains at the back foot, as yesterday’s extension under 0.9750, tested our next target at 0.9700, with subsequent bounce being capped by descending 20 day EMA at 0.9742, just under initial 0.9750 barrier. Fresh weakness, supported by negative near-term studies, looks for break below important 0.9700 level, loss of which to signal lower top at 0.9808 and turn focus towards 0.9655, 07/08 Aug double-bottom and daily 55 day EMA.

Res: 0.9742, 0.9750, 0.9784, 0.9800
Sup: 0.9700, 0.9684, 0.9664, 0.9656

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