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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 27, 2012 10:29 am

EUR/USD

The Euro has cracked psychological 1.3000 barrier on a spike to 1.3007, seen overnight, as a part of broader recovery from 1.2660, 13 Nov low. Positive sentiment favors the upside, as clearance of 1.3020, 25/31 Oct double-top and Fib 76.4% of 1.3137/1.2660 is required to confirm break and expose 1.3070, possibly 1.3100 on a break. Near-term structure remains positive, however, extended 4h studies warn of possible stall. Immediate support lies at 1.2942, ahead of 1.2900, round figure and more significant 1.2830 zone, loss of which would revive bears.

Res: 1.3007, 1.3020, 1.3050, 1.3070
Sup: 1.2942, 1.2913, 1.2900, 1.2874

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GBP/USD

The pair maintains positive tone, holding at 1.6050, yesterday’s high, after corrective easing found footstep at 1.6000 zone and 55 day EMA. Clear break above 1.6050 is required to resume rally from 1.5920 higher base, for possible test of 1.6100, round figure / Fib 76.4% of 1.6174/1.5826 / daily Ichimoku cloud top. Failure to do so, however, would increase risk of reversal, signaled by yesterday’s Doji and signal possible double-top formation, with break below initial 1.600/1.5977 supports, required to confirm. Overbought 4h chart conditions and hourly MACD / RSI bearish divergence, support the notion.

Res: 1.6050, 1.6060, 1.6092, 1.6100
Sup: 1.6019, 1.6000, 1.5977, 1.5946

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USD/JPY

Near-term bulls came back to play after the pair found ground just under psychological 82.00 support and bounce retraced nearly 50% of 82.83/81.84 downleg at 82.31. Hourly structure is gaining momentum and sees the upside favored, however, still weak tone, seen on 4h chart, requires improvement, seen on regain of 82.45, Fib 61.8% and tentative bear-trendline off 82.83 that will open way towards pivotal 82.61, yesterday’s high. Otherwise, lower top and fresh extension lower that would initially target 81.81 and 81.60 would signal further retracement of 79.06/82.83 rally.

Res: 82.31, 82.45, 82.61, 82.83
Sup: 82.20, 82.00, 81.84, 81.58

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USD/CHF

The pair remains under pressure, as series of lower lows, with the latest one posted overnight at 0.9253, confirm bearish stance and focus key near-term support at 0.9213. Hourly studies show bears fully in play, while 4h studies, entering oversold zone, may signal delay, seen on possible mild corrective bounce. Initial 0.9300 barrier, reinforced by descending 20 day EMA, is expected to cap for now. On the downside, break below 0.9213, would signal an end of two-month consolidative phase and open fresh bear-leg, as a part of broader descend from 0.9970, 24 July yearly peak.

Res: 0.9280, 0.9300, 0.9335, 0.9355
Sup: 0.9253, 0.9237, 0.9213, 0.9200

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