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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 » Thu Nov 01, 2012 9:44 am

EUR/USD
The pair comes under increased pressure at the beginning of European session, after narrow-range consolidative trading during the Asian session. Extension of weakness from yesterday’s upside rejection at 1.3020 and break below 1.2945, completes hourly head and shoulders pattern, opening prospect for further easing, as price broke below 1.2936, Fib 61.8% of 1.2881/1.3020 upleg / broken channel resistance off 1.3170. As near-term indicators dip into negative territory, bears see immediate target at 1.2900 base, previous lows / daily Ichimoku cloud top, loss of which to confirm double-top at 1.3020 and risk return to very strong support zone at 1.2830/00, also 7-week range floor. Initial resistance lies at 1.2945/50 zone, while only lift above 1.2970/80 would ease bear-pressure.

Res: 1.2945, 1.2950, 1.2969, 1.2982
Sup: 1.2920, 1.2900, 1.2881, 1.2840


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GBP/USD

Near-term rally from 1.6005 higher low, has nearly fully retraced 1.6142/1.6005 reversal, as gains reached 1.6138 so far. Near-term bullish structure and positive sentiment, keep the upside favored for now, as price broke above main bear-trendline and emerges above daily Ichimoku cloud. Clearance of 1.6142 is required to resume rally and open next upside targets at 1.6178 and 1.6200. Corrective dips would face good support at 1.6100, Fib 23.6% and ascending 55 day EMA / broken bear-trendline, with possible further easing to be contained at 1.6080 zone, Fib 38.2% / bull-trendline off 1.5911, to keep near-term bulls intact.

Res: 1.6138, 1.6142, 1.6178, 1.6200
Sup: 1.6119, 1.6100, 1.6085, 1.6075

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USD/JPY

The pair continues to move higher, after finding ground at 79.27, with steady recovery, moving above important 80.00 barrier, to hit fresh session high at 80.12. Corrective easing is seen on extended hourlies, should ideally be contained at 79.80/70, Fibonacci supports and 55 day EMA, before bulls re-assert for fresh attempt towards initial barrier at 80.37, 26 Oct high. Loss of 79.70, however, would put near-term bulls on hold and risk stronger reversal.

Res: 80.00, 80.13, 80.37, 80.65
Sup: 79.90, 79.80, 79.70, 79.50

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USD/CHF

The pair extends near-term recovery off 0.9275, yesterday’s fresh low, where temporary footstep has been found. Bounce off overnight’s consolidation range top at 0.9320, attempts to complete inverted head and shoulders-like shape, with bullish extension retracing so far 61.8% of 0.9380/0.9275 downleg. Hourly studies are in the positive territory, while 4h chart indicators started to point higher, with regain of very important 0.9385, 200 day MA / daily Ichimoku cloud base, seen as a trigger for possible test of 0.9430/36 double-top. Previous resistances at 0.9320/00, now offer initial supports, with potential loss of the latter to revive bears.

Res: 0.9339, 0.9350, 0.9373, 0.9385
Sup: 0.9320, 0.9311, 0.9300, 0.9275

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