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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 » Wed Sep 05, 2012 8:33 am

EUR/USD

Maintains negative tone, established yesterday, following upside rejection at 1.2626. As the upside stays sidelined for now and price dips below 1.2560 breakpoint, near-term focus turns towards initial 1.2500 figure support and more significant 1.2486, 30 Aug low, also Fib 38.2% of 1.2254/1.2636 and near-term range floor at 1.2464, 28 Aug low. Near-term studies remain supportive for further weakness. Only regain of 1.2560/80 resistance zone would avert downside risk.

Res: 1.2541, 1.2559, 1.2578, 1.2600
Sup: 1.2515, 1.2500, 1.2486, 1.2464

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GBP/USD

The pair remains in a near-term defensive mode, as 1.5900 zone proves to be tough resistance, with yesterday’s repeated failure at 1.5908, triggering fresh slide towards initial 1.5950 support. Weak hourly studies see the downside favored for now, as loss of 1.5850 is to expose trendline support at 1.5820 and round figure at 1.5800. Bearish 20/55 day EMA’s crossover keeps the near-term price action under pressure, with risk of double top formation still existing and loss of 1.5750 required to confirm. Conversely, break above 1.5900 zone, would turn focus higher.

Res: 1.5870, 1.5896, 1.5908, 1.5911
Sup: 1.5850, 1.5820, 1.5800, 1.5769

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USD/JPY

Near-term positive tone off 78.20 support is running out of steam, as rally was capped by 55 day EMA, just under our initial barrier at 78.60. Loss of momentum and slide to 78.30 zone, weakens the near-term structure, however, holding above the latter, also trendline support, would keep hopes for fresh attempt towards the upper barriers at 78.60 and more important 78.80/79.00. Loss of 78.30, will bring bears back in play and re-focus 78.20/00 base.

Res: 78.46, 78.55, 78.60, 78.83
Sup: 78.35, 78.20, 78.15, 78.00


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USD/CHF

Near-term price action continues to trend higher, as bounce off dangerous 0.9500 zone, broke through 0.9550/60, to test round figure resistance at 0.9600, just ahead of more important double top at 0.9615. Break here is required to confirm near-term double bottom and open the next barrier and previous range top at 0.9634 that will allow for stronger retracement of0.9796/0.9500 downleg. Near-term studies maintain positive tone, however, extended hourlies do not rule out a pause in near-term rally. Previous resistances at 0.9560/50 are now reverted to initial support.

Res: 0.9600, 0.9615, 0.9634, 0.9650
Sup: 0.9574, 0.9560, 0.9550, 0.9533

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