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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 Apr 13, 2011 7:41 am

EUR/USD

Hovers around 1.45 level after yesterday’s brief break higher hit 1.4518, with subsequent correction/consolidation finding support at 1.4536/54 zone. Near-term tone remains supportive for fresh gains above 1.45, to target 1.4579/1.4600 initially. Caution of hourly/4-hour conditions entering overbought territory, and daily studies already overbought, warning of correction. Significant support lies at 1.4376, ahead of 1.4350/30.

Res: 1.4518, 1.4550, 1.4579, 1.4600
Sup: 1.4454, 1.4436, 1.4400, 1.4376

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GBP/USD

Remains at the back foot after reversal from 1.6426 high found support at 1.6225, but recovery attempts remain capped by 1.63 zone. Break here is needed to signal fresh recovery under way and expose 1.64 zone for retest, while loss of 1.6225 would signal near-term top and open way for further easing towards 1.6175/1.6090.

Res: 1.6290, 1.6328, 1.6340, 1.6360
Sup: 1.6240, 1.6225, 1.6200, 1.6175

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USD/JPY

Reversal from 85.50 high has so far been contained by 83.45, daily 200 day MA, with fresh strength under way. Initial resistance at 84.42 needs to be cleared, to confirm recovery and open 84.80/85.00, ahead of possible attempt at 85.50. Loss of 83.45, however, would risk fresh phase lower.

Res: 84.25, 84.42, 84.80, 85.14
Sup: 83.80, 83.45, 83.20, 83.00

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USD/CHF

Undergoes near-term consolidation after reversal from 0.9338 hit fresh low at 0.8940. Upside remains capped by 0.8980, with bearish near-term studies favoring lower top ahead of fresh leg lower, to target key support at record low at 0.8900. To avert immediate bear pressure, regain of 0.9050/ 0.9100 zone is required.

Res: 0.8990, 0.9017, 0.9033, 0.9050
Sup : 0.8940, 0.8900, 0.8850, 0.8800

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