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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 16, 2011 7:37 am

EUR/USD

Maintains downtrend from 1.49 zone after recovery failure left a lower top at 1.4338 last Friday and fresh weakness broke below 1.4122, previous low and 1.4100 support. To approach near-term target at 1.4020, 28 Mar low. Corrective bounce on oversold hourly conditions faces immediate resistance at 1.4122, previous low and hourly 20 day MA, clearance of which would open way for stronger correction towards 1.4180/1.4220, where a lower high is anticipated. Only break above 1.4338 barrier would sideline near-term bears.

Res: 1.4122, 1.4157, 1.4182, 1.4224
Sup: 1.4046, 1.4020, 1.4000, 1.3980

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GBP/USD

Broke below 1.6230/1.6320 consolidation band to extend broader downtrend off 1.6745 through 1.6165, 18 Apr spike low, to post fresh low at 1.6145. Near-term studies remain weak, setting scope for fresh leg lower, with loss of 1.6145 to open 1.6090/80 next. Narrow consolidation is now under way, with further corrective attempts seen limited at 1.6230/70 zone. Only sustained break above 1.6320 would improve near-term outlook.

Res: 1.6210, 1.6230, 1.6286, 1.6320
Sup: 1.6165, 1.6145, 1.6100, 1.6090

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USD/JPY

Trades in a sideways mode after upside attempts remain capped at 81.30 and 80.33/15 lows holding the downside. Near-term studies are turning positive, with break above 4-hour 20 day MA at 80.90 to underpin fresh attempt towards 81.30 barrier, break of which is needed to resume recovery from 79.55 towards 81.68/84 next. On the downside, loss of 80.33/15 support zone would turn outlook negative.

Res: 81.06, 81.33, 81.68, 81.84
Sup: 80.62, 80.47, 80.33, 80.15

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USD/CHF

Broke above 0.8902 barrier after corrective pullback found support at 0.8796 last Friday and fresh leg higher is currently testing 0.8940, strong resistance zone. Clearance of the latter would open 0.9006, key short-term barrier, ahead of Fib 61.8% of 0.9338/0.8550 at 0.9035. On the downside, initial support lies at 0.8900, while 0.8796 underpins the advance and only loss of the latter to weaken near-term structure.

Res: 0.8944, 0.8960, 0.9006, 0.9035
Sup : 0.8900, 0.8872, 0.8845, 0.8815

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