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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 » Thu Nov 29, 2012 9:51 am

EUR/USD

Repeated Doji candle may put question mark above near-term bulls, despite the pair regained ground after yesterday’s strong sell-off that found ground at 1.2880, strong support, 55 day EMA / Fib 38.2% of 1.2660/1.3007 ascend. Recovery rally was limited overnight at 1.2960, Fib 61.8% of 1.3007/1.2880 slide, with hourly studies holding positive tone but lacking momentum for now. Unless key 1.3000 barrier is cleared, further corrective action cannot be ruled out, with 1.2900/1.2880 supports staying in near-term focus.

Res: 1.2960, 1.2977, 1.3000, 1.3007
Sup: 1.2938, 1.2900, 1.2880, 1.2870

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GBP/USD

The pair holds above important 1.6000 handle, following sharp fall to 1.5960 and subsequent quick recovery. However, 4h chart studies are weakening, with loss of bullish momentum becoming more evident, increasing risk fresh weakness seen on loss of 1.6000 and confirmation of lower top on a break below 1.5960, also Fib 76.4% of 1.5926/1.6055 that would re-focus 1.5926/17 lows and 1.5900, round figure support. Four consecutive Doji candles on a daily chart, support the notion.
Conversely, regain of 1.6050 double-top would improve near-term structure and signal possible resumption of upleg from 1.5826, 15 Nov low.

Res: 1.6021, 1.6032, 1.6055, 1.6090
Sup: 1.6000, 1.5960, 1.5926, 1.5917

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USD/JPY

Recovery from 81.68, yesterday’s low, found resistance at 82.20, reinforced by bear-trendline off 82.83. with price action being congested below here during the Asian session. Positive hourly studies still keep the upside favored, however, weak 4h chart tone sees the downside vulnerable, unless 82.20, also 50% of 82.83/81.68 / 4h Ichimoku cloud top and 82.30, 27 Nov high, is cleared. Sustained break here to shift near-term focus towards the upper barrier and signal formation of higher low at 81.68, otherwise, slide below 82.00, would risk retest of 81.68 and possible stronger correction towards strong supports at 8140 and 81.00.

Res: 82.20, 82.31, 82.56, 82.83
Sup: 82.00, 81.84, 81.68, 81.40

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USD/CHF

Failure to sustain gains above 0.9300/30 barrier, with recovery rally being capped by descending 55 day EMA and daily Ichimoku cloud base, triggered fresh weakness through initial 0.9300 support. Immediate focus turns towards 0.9253, 27 Nov low, with bearish extension towards key support at 0.9213, seen on a break, as hourly studies moved again in the negative territory and 4h negative conditions remaining unaffected by the recent recovery rally. Immediate support lies at 0.9300, reinforced by descending 20 day EMA, while only rally through 0.9340, correction high, would ease bear-pressure.

Res: 0.9300, 0.9323, 0.9339, 0.9350
Sup: 0.9268, 0.9253, 0.9213, 0.9200

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