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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 Apr 12, 2011 7:40 am

EUR/USD

Extends correction from fresh yearly high at 1.4482, breaking below 1.44 handle, with 1.4376, near 23.6% retracement of 1.4020/1.4482 ascend seen so far.. Higher low at 1.4350/00 zone is expected ahead of fresh push higher and break through 1.4482 to resume bulls towards 1.4500/79. On the downside, loss of 1.4250 to signal further weakness.

Res: 1.4440, 1.4472, 1.4482, 1.4500
Sup: 1.4350, 1.4305, 1.4250, 1.4240

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GBP/USD

Dips below 1.6312, yesterday’s low to test key near-term supports at 1.6260/50, 06/07 Apr lows / 38.2% retracement of 1.5971/1.6426 upleg. Loss of the latter would signal further easing towards 1.6200/1.6180, while below 1.6145 to signal neat-term top at 1.6426 and expose 1.6090 next. To avert immediate bear pressure, regain of 1.6340/60 zone is needed.

Res: 1.6310, 1.6340, 1.6360, 1.6400
Sup: 1.6260, 1.6250, 1.6214, 1.6200

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USD/JPY

Continues to trend lower off 85.50 high, with latest loss of 83.85 support, extending losses to 83.45 so far. Bounce from here is seen corrective while 84.80 caps and only break higher to re-expose 85.50. Otherwise, lower top would precede fresh leg lower and below 83.45 to focus 83.20/82.55 next.

Res: 84.50, 84.80, 85.14, 85.50
Sup: 83.45, 83.20, 83.00, 82.55

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USD/CHF

Extends losses from 0.9338 high, after losing 0.9125/0.9100 handles, through 0.9050/27 supports, to approach 0.9000 level. Bearish near-term tone looks for break below 0.9000, to focus 0.8976, ahead of possible return to 0.8900, record low. Corrective attempts are for now seen limited by 0.9117/25, 20 day MA / previous low.


Res: 0.9100, 0.9125, 0.9160, 0.9200
Sup: 0.9017, 0.9000, 0.8976, 0.8950

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