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Short Term Technical Analysis for Majors (07:30 GMT)

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Short Term Technical Analysis for Majors (07:30 GMT)

Postby WindsorBrokers » Mon Apr 04, 2011 7:49 am

EUR/USD

Regains strength after Friday’s dip tested 1.4050 support and subsequent rally exceeded previous high at 1.4247 to post fresh yearly high at 1.4267. Consolidation above 1.4200, 20 day MA, is under way, with hourly studies supportive for fresh push higher, and above 1.4267 to target key barriers at 1.4277/80, long-term bear trendline and Nov 2010 high, break of which will open fresh bull phase. Main near-term support lies at 1.4060/40 zone, while potential corrective dips should be contained by 1.4180 zone, to maintain immediate bullish tone.

Res: 1.4240, 1.4247, 1.4277, 1.4280
Sup: 1.4200, 1.4190, 1.4175, 1.4140

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GBP/USD

Maintains near-term positive tone from 1.5942/35 double bottom, after pullback 1.6149 high found support at 1.5971. Strong rally through 1.6149 has so far reached 1.6175, looking for upside extension towards 1.6220, 61.8% retracement of 1.6400/1.5935, break of which will open 1.6270 next. Higher low at 1.6100, also 20 day MA on hourly chart, offers immediate support.

Res: 1.6175, 1.6200, 1.6220, 1.6270
Sup: 1.6100, 1.6070, 1.6045, 1.6015

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USD/JPY

Friday’s break above 200 day MA at 83.60, has given an additional boost to the pair, clearing 84.00 barrier and key short-term resistance at 84.49, Dec 2010 high, to hit 84.72 high thus far. This now signals fresh recovery phase off 89.00 record low and looks for test of 85.00/90 next. Initial support at 84.00 is now tested, with 83.40/20 xone expected to hold dips, to maintain near-term bulls in play.

Res: 84.37, 84.49, 84.75, 85.00
Sup: 83.75, 83.40, 83.20, 83.00

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USD/CHF

Corrects the latest strong rally that hit fresh 3-week high at 0.9338, posted last Friday, taking out initial support at 0.9250/30 zone. Dips should be contained by 0.9170 zone, to keep immediate bulls in play for fresh strength, and above 0.9338 to focus key short-term barrier at 0.9367. Only loss of 0.9125, 31 Mar higher low, will delay.


Res: 0.9260, 0.9273, 0.9293, 0.9338
Sup: 0.9209, 0.9185, 0.9170, 0.9140

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