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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 24, 2012 8:15 am

EUR/USD

The Euro came under pressure at the beginning of the week, as last Friday’s bounces failed to sustain gains above the bear-trendline off 1.3170 high and failed to regain 1.3080/1.3100 breakpoints. Fresh weakness brings the pair in the red territorry and just above the downtrend’s low at 1.2919, posted last week. Negative 1 and 4h chart studies keep the downside favored, as the price breaks below 4h 55 day EMA at 1.2955, where hourly 10 day EMA keeps the upside limited. Clearance of 1.2919, also Fib 38.2% of larger 1.2500/1.3170 upleg, is seen as a trigger for fresh weakness, with 1.2900 and 1.2850 to come in focus on a break. Initial resistance lies at 1.3000, ahead of Friday’s peaks at 1.3040/50 zone, while any change of direction requires break above 1.3080/1.3100 barriers.

Res: 1.2953, 1.2980, 1.3000, 1.3047
Sup: 1.2926, 1.2919, 1.2900, 1.2855

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GBP/USD

The pair failed to capitalize last Friday’s break above key 1.6300 barrier, as fresh weakness followed two unsuccessful attempts higher. With nearly 76.4% of initial 1.6162/1.6308 upleg being erased, as the price briefly dipped below 1.6200 handles, more weakness is seen in the near-term action. Hourly studies moved in the negative territory and 10 day EMA, crossing below 55 and 20 day ones, maintaining the downside pressure. Sustained break below important 1.6200, also 4h cloud top, to open key near-term support at 1.6162, 20 Sep low, loss of which would open way for extension towards 1.6100 and 1.6074. Any bounce would face good barrier at 1.6260/70 zone and only break here would ease bear-pressure.

Res: 1.6240, 1.6258, 1.6266, 1.6294
Sup: 1.6200, 1.6185, 1.6162, 1.6100

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USD/JPY

The pair’s near-term sideways movement, turns the sentiment more negative, as the price, unable to lift above range top at 78.36, attacks the base at 78.00. Hourly indicators are in negative mode, though still moving sideways, while more negative tone is seen on 4h chart, as indicators are in the negative territorry and 20/55 day EMA’s bearish crossover, keeps the downside pressure. Break below 78.00 base to open way for retest of key supports at 77.12/00, as any corrective action faces good barriers at 78.36/55 and only clearance of the latter to provide near-term relief.

Res: 78.27, 78.36, 78.45, 78.55
Sup: 78.00, 77.92, 77.50, 77.12

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USD/CHF

The pair regains ground, following last Friday’s congestion, as the price found support just above bull-trendline off 0.9237 low. Lift above previous high at 0.9354, sees potential for fresh recovery, with Fibonacci 38.2% of 0.9577/0.9237, seen as last obstacle on the way towards key near-term barrier at 0.9400 zone, previous high and 200 day MA. Holding above psychological 0.9300 support is required to keep near-term bulls in play.

Res: 0.9364, 0.9400, 0.9416, 0.9432
Sup: 0.9338, 0.9313, 0.9300, 0.9283

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