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Short Term Technical Analysis for Majors (13:30 GMT)

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Short Term Technical Analysis for Majors (13:30 GMT)

Postby WindsorBrokers » Wed May 11, 2011 2:02 pm

EUR/USD

Near-term price action remains capped at 1.4420 zone, extending reversal to test 1.4320 support. Hourly studies are pointing lower, but approach to oversold zone may see correction preceding fresh weakness, and below 1.4320/00 to focus 1.4269/53 lows. Only regain of 1.4420/40 would ease immediate bear pressure.

Res: 1.4366, 1.4382, 1.4422, 1.4440
Sup: 1.4300, 1.4269, 1.4253, 1.4204

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GBP/USD

Strong rally from 1.6343 support cleared initial resistances at 1.6420/60, to break above 1.6500 barrier and hit fresh one week high at 1.6516. Positive near-term outlook favors further gains, with clearance of 1.6542/73 needed to confirm higher low at 1.6269. On the downside, correction on overbought conditions should be contained at 1.6420/00 to keep near-term bulls in play.

Res: 1.6500, 1.6516, 1.6542, 1.6573
Sup: 1.6420, 1.6400, 1.6343, 1.6315

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USD/JPY

Extends recovery phase from 79.55 low after finding support and leaving higher low at 80.61, 4-hour 20 day MA. Sustained break above 81.00 has so far dented 81.20 barrier, break of which is required to open way towards 81.60/80 zone next. Near-term studies remain positive.

Res: 81.31, 81.68, 81.86, 82.25
Sup: 80.90, 80.61, 80.52, 80.15

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USD/CHF

Continues to trend higher after shallow correction from 0.8821, fresh recovery high, found footstep at 0.8781, just above 4-hour 20 day MA at 0.8770. Break above 0.8821 briefly tested 0.8830, 27 Apr high, ahead of possible attempt at strong resistance at 0.8890/0.8900 zone. Today’s low at 0.8781 underpins the advance.

Res: 0.8850, 0.8879, 0.8894, 0.8900
Sup : 0.8800, 0.8781, 0.8753, 0.8730

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