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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 » Tue Nov 13, 2012 10:04 am

EUR/USD

The pair remains under pressure as slide below 1.2700 figure, posting fresh low in European session. Overall negative picture sees 1.2606, 50% of 1.2042/1.3170 rally in near-term focus, with any bounce seen as corrective, with immediate resistance at 1.2700 and more significant 1.2738/50, yesterday’s high / Fib 38.2% of 1.2875/1.2672 descend. Only penetration through 1.2790/1.2800, would delay bears in favor of stronger correction.

Res: 1.2700, 1.2738, 1.2750, 1.2774
Sup: 1.2660, 1.2606, 1.2588, 1.2558

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GBP/USD

Break below strong support at 1.5900 zone, Fibonacci support / daily Ichimoku cloud base, opens way for fresh weakness, with fresh slide approaching 200 day MA at 1.5848. Consolidative / corrective action above here is likely as 4h studies are extended, while hourly MACD shows bullish divergence. Immediate barriers lie at 1.5900/20 zone, round figure / yesterday’s high / Fib 38.2% of 1.6018/1.5857 decline, while regain of 1.5950/60 would avert immediate downside risk. On the other side, break below 200 day MA, to expose 1.5800, round figure and 1.5787, 50% of 1.5267/1.6308 rally.

Res: 1.5914, 1.5914, 1.5928, 1.5950
Sup: 1.5857, 1.5848, 1.5800, 1.5787

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USD/JPY

The pair remains in a narrow consolidative range above 79.00 handle, following repeated Doji. However, the downside remains in focus, as the price action was capped by descending 20 day EMA at 79.63 and near-term studies hold negative tone. Penetration through 80.00 is required to shift focus higher, otherwise, violation of 79.00 support zone would signal fresh extension of downmove from 80.67 and expose 78.50, Fibonacci support.

Res: 79.51, 79.63, 79.75, 79.87
Sup: 79.21, 79.06, 79.00, 78.75

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USD/CHF

The pair cracks our target and barrier at 0.9500, to signals continuation of uptrend from 0.9213. Sustained break here to face initial barrier at 0.9524, 90 day MA, ahead of more significant 0.9591/0.9600, 50% of 0.9970/0.9213 / round figure and next upside target. Yesterday’s higher platform at 0.9460/70 zone, along with 20 day EMA, offers initial support.

Res: 0.9504, 0.9524, 0.9550, 0.9591
Sup: 0.9489, 0.9466, 0.9450, 0.9427

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