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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 Oct 17, 2012 8:41 am

EUR/USD

The Euro extends its latest upleg from 1.2900, as penetration through initial 1.3000 barrier triggered fresh strength that cleared 1.3070, 05 Oct high and figure resistance at 1.3100. Immediate focus now turns towards September’s double-top at 1.3170, break of which to confirm higher base and double-bottom at 1.2800 zone and signal resumption of broader uptrend from 1.2042, 24 July low, towards psychological 1.3200 barrier. Near-term bullish structure remains intact, however, corrective pullback on overbought hourlies cannot be ruled out. Immediate supports lie atb1.3085/60 zone, ahead of 1.3030 and 1.3000 that should contain any stronger dips.

Res: 1.3122, 1.3170, 1.3180, 1.3200
Sup: 1.3085, 1.3060, 1.3030, 1.3014

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GBP/USD

Cable’s rallied through important 1.6100/24 barriers, bringing near-term bulls that were interrupted by 1.6100/1.6020 pullback, back to play. Clearance of Fibonacci barrier at 1.6124 now opens way towards trendline resistance at 1.6175 and Fib 61.8% of 1.6308/1.5975, break of which to focus more significant 1.6200/16 zone, round figure resistance / 05 Oct lower top. Positive near-term structure supports the notion, with immediate support at 1.6100, reinforced by 55 day EMA.

Res: 1.6140, 1.6175, 1.6180, 1.6200
Sup: 1.6115, 1.6100, 1.6090, 1.6059

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USD/JPY

The pair falls to approx 38.2% of 77.94/78.96 rally, following failure to clear important 79.00 barrier and reversal being signaled by hourly MACD bearish divergence. Hourly studies moved into negative territory, but overall bullish structure remains intact for now. However, break above 79.00 is required to resume rally for test of key barriers at 79.21/37, 19 Sep high / 200 day MA. Conversely, slide below78.60 breakpoint would sideline near-term bulls and allow for stronger correction towards 78.45 and 78.30/25, Fib 61.8% / higher platform.

Res: 78.90, 79.00, 79.21, 79.37
Sup: 78.60, 78.45, 78.30, 78.26

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USD/CHF

Bears remain fully in play, as the price slides below key near-term support at 0.9237, with fresh extension lower confirming double-top pattern and opening way for further bearish action. Psychological support at 0.9200 comes under pressure, with brief consolidation on overextended hourly studies seen so far. Gains stay limited at previous low and 20 day EMA, with any stronger bounce expected to be capped at 0.9273, previous low / Fib 38.2% of 0.9370/0.9214 slide. Only break above 0.9300 would provide relief. On the downside, break below 0.9200 would risk full retracement of 0.9041/0.9970 ascend in the near-term.

Res: 0.9246, 0.9273, 0.9292, 0.9310
Sup: 0.9214, 0.9200, 0.9113, 0.9100

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