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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 27, 2011 7:37 am

EUR/USD

Surged above 1.4651 previous high, to briefly break above 1.4700 barrier and post fresh annual high at 1.4712. Correction on overbought hourly conditions is under way, attempting to consolidate above 1.4651/53, previous high/ 20 day MA on hourly chart. However, deeper reversal towards 1.4630/00 Fibonacci levels is not ruled out, before fresh push higher for retest of 1.4712 and 1.4750/1.4800 seen on a break.

Res: 1.4695, 1.4712, 1.4750, 1.4780
Sup: 1.4663, 1.4651, 1.4630, 1.4600

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GBP/USD

Maintains negative near-term tone off 1.6600, fresh yearly high, after recovery attempt from yesterday’s low 1.6430 remain capped at 1.6510/30 zone. Loss of 1.6433/30, 38.2% Fibonacci level would signal further retracement of 1.6165/1.6600 upleg and open 1.6380/25, 50%/61.8% levels next.

Res: 1.6514, 1.6531, 1.6547, 1.6600
Sup: 1.6446, 1.6430, 1.6400, 1.6380

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USD/JPY

Has dipped to a fresh one-month low at 81.26, after recovery attempt from 81.60, previous low, was capped at 82.40, and subsequent reversal broke below 81.60/56 support. Fresh recovery attempt from 81.26 is under way, currently testing 81.90 zone, previous low / 20 day MA on 4 hour chart, break of which is needed to open 82.40 for retest. Otherwise, lower top at 82.00 area and fresh weakness towards 81.26 and 80.70 on a break, would be the likely scenario.

Res: 81.96, 82.08, 82.23, 82.40
Sup: 81.56, 81.00, 80.69, 80.24

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USD/CHF

Maintains strong downtrend after leaving a lower top at 0.8850 yesterday, with fresh weakness breaking below 0.8744, previous low and 0.8700 figure support, to post fresh historical low at 0.8669, ahead of correction. Recovery is attempting through hourly 20 day MA at 0.8747, break of which would open 0.88 zone, where a lower top is sought to maintain bears, and break below 0.8669 to open 0.8600 next.


Res: 0.8755, 0.8782, 0.8850, 0.8875
Sup : 0.8712, 0.8700, 0.8669, 0.8600

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