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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 Sep 04, 2012 8:13 am

EUR/USD

Maintains near-term positive sentiment, as overnight’s dips were contained above 1.2560 higher, with previous high at 1.2636 under pressure. Break higher to resume one-month rally and expose 1.2700 zone with interim barrier at 1.2646, 20 day Bollinger band. Previous barriers at 1.2600/1.2580, now offer initial support, while losing 1.2560 level would delay and signal further consolidation.

Res: 1.2626, 1.2636, 1.2650, 1.2700
Sup: 1.2600, 1.2580, 1.2559, 1.2547

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GBP/USD

The near-term price action remains congested at 1.5900 zone, as lack of strength, seen on hourly studies, keeps the upside limited for now. Unless 1.5900/11 barriers are cleared that will open way towards next significant barrier at 1.6000, further sideways movements are not ruled out in the near-term. Overnight’s range floor at 1.5875 offers initial support, ahead of 1.5850 and bull trendline at 1.5820, loss of which will increase risk of deeper reversal towards key near-term support at 1.5750, 28. Aug low / Fib 38.2%.

Res: 1.5900, 1.5911, 1.5931, 1.5950
Sup: 1.5875, 1.5850, 1.5820, 1.5800

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USD/JPY

More near-term positive signals are seen as bounce off 78.15 base ticks higher in attempt to clear initial 78.40/50 barrier and allow for further recovery towards 78.60 , to possibly challenge key barriers at 78.80/79.00. However, as overall picture maintains negative tone, failure to clear above mentioned barriers, will keep the downside risk in play.

Res: 78.42, 78.50, 78.60, 78.83
Sup: 78.31, 78.20, 78.15, 78.00

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USD/CHF

Remain under pressure, as near-term recovery off 0.9500 ran out of steam at 0.9560, capped by descending hourly 20 day EMA. Fresh weakness brings initial support at 0.9500 in focus, with negative near-term tone, being supportive for further extension lower and test of 0.9461 and 0.9420, next downside targets. Any recovery needs to clear minimum 0.9560, to ease immediate bear-pressure.

Res: 0.9543, 0.9559, 0.9600, 0.9615
Sup: 0.9507, 0.9500, 0.9461, 0.9420

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