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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 Apr 18, 2011 7:33 am

EUR/USD

Loses ground after failure to clear 1.45 barrier, with fresh weakness losing 1.44/1.4364 supports, to hit fresh one week low at 1.4348. Consolidation under 1.44 barrier is now under way, but negative hourly conditions see scope for further easing towards 1.4300 and strong support at 1.4240. 20 day MA, currently at 1.44 maintains bear trend, with break above here to possibly signal fresh strength.

Res: 1.4400, 1.4420, 1.4454, 1.4469
Sup: 1.4364, 1.4348, 1.4300, 1.4290

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GBP/USD

Recovery attempt from 1.6226 higher platform remains capped by 1.6380, with subsequent easing returning below 1.63 handle. Market is looking for renewed attempt at 1.6250/26 support zone, as hourly studies turned negative, with loss of the latter to signal lower top at 1.6380, ahead of fresh weakness towards 1.6175/1.6090. On the upside, 1.6324 caps for now.

Res: 1.6309, 1.6324, 1.6369, 1.6382
Sup: 1.6253, 1.6236, 1.6226, 1.6200

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USD/JPY

Remains on a back foot after losing 200 day MA and 83.00 support, with immediate target at 82.55/00, 31 Mar low / 38.2% retracement of 76.32/85.50 upleg. Negative near-term conditions support fresh weakness, but oversold hourly conditions suggest correction, before fresh leg lower, with 83.77 expected to cap.

Res: 83.25, 83.42, 83.77, 83.92
Sup: 82.70, 82.55, 82.00, 81.83

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USD/CHF

Trades in a narrow consolidative range after extending losses below 0.8900, previous low, to hit fresh all-time low at 0.8894. Immediate resistance at 0.8990 needs to be cleared, to signal fresh recovery under way, and focus 0.9060/0.9100. On the downside, loss of 0.8920, range floor will, however, signal fresh weakness, with break below 0.8894 needed to confirm.

Res: 0.8968, 0.8990, 0.9017, 0.9060
Sup : 0.8929, 0.8920, 0.8906, 0.8894

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