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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 » Mon May 02, 2011 7:35 am

EUR/USD

Reversed under 1.4800 after posting fresh annual high at 1.4880, to break below channel support, drawn off 1.4156, 18 Apr low, and reach 1.4761 low so far. Further reversal is seen towards 1.4732/1.4685 Fibonacci levels, where a higher low is anticipated to maintain short-term bulls in play. Loss of 1.4630 higher platform, however, would turn tone negative for potential revisit of 1.45 zone. On the upside, regain of 1.4880 would open 1.4900, ahead of psychological 1.5000 level.

Res: 1.4830, 1.4862, 1.4880, 1.4900
Sup: 1.4761, 1.4732, 1.4685, 1.4630

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GBP/USD

Continues to trade sideways after posting fresh high at 1.6745 and subsequent pullback so far been contained at 1.6620 zone. 20 day MA on 4-hour chart, currently at 1.6645, underpins for now, with regain of 1.67 handle to open way for retest of 1.6745, break of which is sought for fresh leg higher, towards 1.6800/77. On the downside, potential loss of 1.6620 platform, also 38.2% Fibonacci retracement of 1.6434/1.6745 ascend, would open 1.6600/1.6550.

Res: 1.6700, 1.6737, 1.6745, 1.6800
Sup: 1.6642, 1.6622, 1.6600, 1.6585

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USD/JPY

Extended weakness after losing 81.26, previous low, to briefly test 81.00 level, ahead of bounce. This is seen corrective while 81.60/80 zone holds, with 4-hour 55 day MA, currently at 82.00, maintaining short-term bears. Break here and through key near-term barrier at 82.80 is needed to signal stronger recovery, otherwise, lower top and fresh weakness towards 81.00/80.69 would be likely scenario.

Res: 81.68, 81.85, 82.26, 82.80
Sup: 81.00, 80.69, 80.24, 80.00

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USD/CHF

Short-term bears remain in play, extending to a fresh all-time low at 0.8623, posted today. Corrective attempt has so far reached 0.8690 zone, with 20 day MA, currently at 0.8711, offering immediate resistance. However, lift above 0.8760/70, previous high / 38.2% Fibonacci retracement of 0.9007/0.8623, is needed to signal recovery under way, and open 0.8830/60 for retest. Upside rejection under 0.8760, however, would risk lower top and fresh weakness towards 0.8623/0.8600 initially.

Res: 0.8694, 0.8710, 0.8758, 0.8772
Sup : 0.8671, 0.8650, 0.8642, 0.8623

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