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Short Term Technical Analysis for Majors (7:00 GMT)

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Short Term Technical Analysis for Majors (7:00 GMT)

Postby WindsorBrokers » Thu Apr 28, 2011 7:57 am

EUR/USD

Rally from yesterday’s higher low at 1.4630 cleared 1.4712/20 resistances, yesterday’s high / Dec 2008 high, surging through 1.4800 barrier, to post fresh yearly high at 1.4880. Bulls are firmly in play for attack at 1.4900 and psychological 1.5000 level near-term. Overbought hourly conditions, however, see scope for corrective pullback before bulls resume, with 1.4765, today’s low / hourly 20 day MA, offering initial support..

Res: 1.4880, 1.4900, 1.4950, 1.5000
Sup: 1.4822, 1.4785, 1.4765, 1.4725

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GBP/USD

Extended rally from yesterday’s higher platform at 1.6430, breaking through 1.6600/1.6700 barriers, to reach Sep 2009 high and fresh annual high at 1.6745. Further gains are looking for break through 1.6800 for possible test of 1.6877, Nov 2009 high. Correction on overbought hourly studies is seen preceding fresh move higher, with 1.6620/00 zone offering strong support.

Res: 1.6727, 1.6745, 1.6800, 1.6850
Sup: 1.6682, 1.6640, 1.6620, 1.6600

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USD/JPY

Strong bounce from yesterday’s fresh one-month low cleared initial resistance at 82.40, but stalled at 82.80, just ahead of key near-term barrier at 83.09, ahead of sharp reversal under 82.00. Bearish near-term outlook favors downside test of 81.26, with break lower to expose 80.69, 23 Mar low and possibly 80.00, psychological support. Hourly 20 day MA, currently at 82.09 and today’s high at 82.26, caps for now, while only break above 82.80 improves the near-term picture.

Res: 81.81, 82.09, 82.26, 82.40
Sup: 81.51, 81.26, 81.00, 80.69

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USD/CHF

Recovery attempt from 0.8669, fresh all-time low, has run out of steam at 0.8832, ahead of key barriers at 0.8850/75, with subsequent fall under 0.8700 approaching 0.8669. Weak near-term studies favor further decline and below 0.8669 to focus 0.8600. Initial resistance lies at 0.8755, while 4-hour 20 day MA, currently at 0.8770, maintains bearish tone.

Res: 0.8722, 0.8755, 0.8790, 0.8832
Sup : 0.8688, 0.8669, 0.8650, 0.8600

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