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Short Term Technical Analysis for Majors (08:00 GMT)

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Short Term Technical Analysis for Majors (08:00 GMT)

Postby WindsorBrokers » Mon Aug 27, 2012 9:41 am

EUR/USD

The near-term price action remains in a defensive mode off the last week’s fresh high at 1.2588, just ahead of psychological 1.2600 barrier, where daily Ichimoku cloud top capped the recent rally. Dips have so been contained by hourly20 day EMA at 1.2500 zone. Weak near-term studies keep the downside vulnerable, with break below 1.2500/1.2480 support to open important support and breakpoint at 1.2440/30 area. Only regain of last Friday’s spike high and daily 90 day MA at 1.2560, would provide relief and turn near-term focus towards 1.2600.

Res: 1.2536, 1.2560, 1.2588, 1.2600
Sup: 1.2500, 1.2481, 1.2441, 1.2430

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GBP/USD

Cable’s near-term corrective pullback from 1.5900 zone, last week’s high / Fib 61.8% of 1.6300/1.5267 descend, is attempting to base at 1.5800. Holding above previous range tops and former strong resistance at 1.5770 zone, keeps the near-term focus at the upside levels, as larger picture bulls remain intact for now, with clearance of 1.5900 to expose strong psychological 1.6000 barrier. Alternative scenario would see risk of losing 1.5800/1.5770 supports to expose 1.5730/15, trendline support / 200 day MA.

Res: 1.5850, 1.5868, 1.5890, 1.5911
Sup: 1.5800, 1.5776, 1.5764, 1.5630

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USD/JPY

The pair remains in near-term corrective mode off 78.27 low, but fails to break above initial barrier at previous range top at 78.80. positive tone on the hourly chart, however, sees potential for attack at important barrier at 79.00 zone, where trendline resistance and Fib 61.8% 79.65/78.27 downleg lie, break of which is required to improve still weak short-term structure and expose 200 day MA at 79.30. Otherwise, retest of strong support at base above 78.00, would be the likely scenario.


Res: 78.70, 78.80, 78.96, 79.12
Sup: 78.44, 78.35, 78.27, 78.15

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USD/CHF

The near-term corrective action off 0.9537, last week’s fresh low, gets congested at 0.9520, initial resistance, with the downside being protected by ascending Ichimoku cloud base. As the upside stays capped by 20 day EMA and hourly conditions start to weaken, with price sliding below 0.9600 handle and seeing more downside risk in the near-term. Only clearance of strong barrier and breakpoint at 0.9655, also 55 day EMA and Fib 38.2% of 0.9766/0.9537, would improve the near-term outlook, as larger picture bears off 0.9970 remain in play.

Res: 0.9620, 0.9655, 0.9679, 0.9700
Sup: 0.9580, 0.9557, 0.9537, 0.9500

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