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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 » Mon Sep 03, 2012 8:24 am

EUR/USD

Last Friday’s brief break above psychological 1.2600 barrier, also one-week consolidation range top, did not materialize, as the price slid below 1.2600 handle, being capped by 20 day daily Bollinger band at 1.2636. Weakening hourly studies keep the downside vulnerable, as loss of overnight’s low at 1.2560, may trigger further easing and expose strong support at 1.2500 zone, 30 Aug low / 55 day EMA / Fib 38.2% of 1.2254/1.2636 upleg. Regain of 1.2600, however, would turn near-term focus towards 1.2636, break of which is required to resume rally and open 1.2700.

Res: 1.2585, 1.2600, 1.2636, 1.2650
Sup: 1.2559, 1.2520, 1.2508, 1.2490

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GBP/USD

Near-term price action remains in a defensive mode, following last Friday’s upside rejection at 1.5900. As hourly studies are pointing lower, immediate risk is seen on test of 1.5850, Asian session low, ahead of trendline support at 1.5800 and more significant 1.5750 higher base, loss of which to confirm double-top. Alternative scenario sees break above 1.5900/11, to trigger fresh extension higher.

Res: 1.5880, 1.5885, 1.5900, 1.5911
Sup: 1.5850, 1.5813, 1.5800, 1.5777

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USD/JPY

The pair remains under pressure, following last week’s failure to regain pivotal 79.00 barrier. Fresh weakness below 78.28, now tests initial 78.15 level, ahead of strong 78.00 zone base. Overextended hourly studies do not rule out corrective bounce, but overall negative structure keeps the downside in focus, as loss of 78.00 will expose another strong support at 77.65. Only regain of 78.80/79.00 will avert immediate downside risk.

Res: 78.36, 78.44, 78.60, 78.83
Sup: 78.15, 78.00, 77.90, 77.65

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USD/CHF

The pair consolidates last Friday’s descend when the price slid below near-term range floor and tested 0.9500, psychological support and 50% of 0.9041/0.9970 rally. As overall picture maintains bearish tone, no significant action to be expected as long as strong barrier at 0.9600/34 stays intact. On the downside, loss of 0.9500 to expose next supports at 0.9461 and 0.9420.

Res: 0.9559, 0.9600, 0.9615, 0.9634
Sup: 0.9538, 0.9500, 0.9461, 0.9420

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