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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 » Thu Sep 20, 2012 8:54 am

EUR/USD

The pair continues to trend, as reversal off 1.3170 highs slides below psychological 1.3000 support and retraces nearly 76.4% of one-week rally from 1.2854, posting fresh session low at 1.2940, also 55 day EMA, on European session opening acceleration. As negative sentiment continues to dominate on near-term studies, the downside remains under pressure, with figure support and Fib 38.2% at 1.2900, seen next. Corrective action on overbought hourlies, with previous support at 1.3000, offering initial resistance, ahead of bear-trendline off 1.3170, currently at 1.3045, with 1.3080 expected to cap any stronger bounce. Only lift above 1.3100 would provide relief.

Res: 1.2992, 1.3000, 1.3045, 1.3074
Sup: 1.2950, 1.2940, 1.2914, 1.2900

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GBP/USD

Cable extends its near-term downtrend to slide again below 1.6200 handle, following yesterday’s bounce that was capped at 1.6235. As near-term indicators move into negative territory, the downside remains in near-term focus. Today’s fresh dip to 1.6162, over 50% of 1.6074/1.6272 upleg, with 1.6150, Fib 61.8% and 1.6130, previous high / 55 day EMA, seen as next supports, with loss of 1.6100/1.6080 seen as a trigger for stronger retracement of larger 1.5769/1.6272 ascend. Former supports at 1.6200/35 zone are now reverted to resistances, with sustained break here to bring bulls back in play.

Res: 1.6200, 1.6220, 1.6235, 1.6265
Sup: 1.6162, 1.6150, 1.6100, 1.6080


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USD/JPY

The pair lost ground following and upside rejection at important 79.20/30 resistance zone, daily cloud top / 200 day MA, as sharp two-legged reversal brings the price back to 78.00 zone, near 61.8% of initial 77.12/79.21 upleg. The downside remains exposed, as bears took control in the near-term price action, with break below 78.00 to open 77.50 and 77.12 supports for test. Yesterday’s consolidation high at 78.45, offers initial resistance, along with previous higher platform and 20/55 EMA’s bearish crossover at 78.55. Only regain of 79.00, would turn focus higher.

Res: 78.25, 78.45, 78.55, 79.00
Sup: 78.03, 77.92, 77.50, 77.12

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USD/CHF

Near-term price action gets slight support on improving hourly studies, with brief break above range top and 0.9300, round figure resistance, seen as signal for stronger recovery.
As over 50% of initial 0.9416/0.9237 downleg has been retraced on the latest rally, with hourly studies gaining momentum, further recovery is seen likely. Break above 0.9348, Fib 61.8% is required to open key near-term resistance zone at 0.9400/16, 200 day MA / 13 Sep lower top, break of which to signal near-term bottom and allow for stronger recovery. However, failure under 0.9400, would increase risk of lower top and fresh slide, as larger picture remains bearish.

Res: 0.9334, 0.9353, 0.9400, 0.9416
Sup: 0.9300, 0.9260, 0.9237, 0.9200

[IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20120920081844.gif[/IMG
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