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Short Term Technical Analysis for Majors (13:30 GMT)

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Short Term Technical Analysis for Majors (13:30 GMT)

Postby WindsorBrokers » Wed Apr 13, 2011 1:55 pm

EUR/USD

Hovers around 1.45 level after brief break above 1.4500 failed to sustain gains, with subsequent correction/consolidation finding support at 1.4436/54 zone. Near-term tone remains supportive for fresh gains above 1.45, to target 1.4579/1.4600 initially. On the downside, 1.4480 offers initial support, ahead of 1.4454/36, while yesterday’s low at1.4376 underpins.

Res: 1.4518, 1.4550, 1.4579, 1.4600
Sup: 1.4480, 1.4454, 1.4436, 1.4400

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GBP/USD

Enters sideway trading within narrow range, after reversal from 1.6426 high found support at 1.6225, with recovery attempts being capped at 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, 1.6300, 1.6328, 1.6340
Sup: 1.6245, 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. Clearance of 84.42 barrier is required to confirm recovery and open 84.80/85.00, ahead of possible attempt at 85.50. Loss of 83.45, however, would risk fresh extension of decline from 85.50.

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 zone, with bearish near-term studies favoring fresh weakness through 0.8940, to focus key support and 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 : 0.8960, 0.8940, 0.8900, 0.8850

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