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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 Jun 20, 2011 8:11 am

EUR/USD

Returns into 4-hour bear channel after last Thursday’s false break lower found support at 1.4073, with subsequent bounce regaining 1.4300 barrier. Gains stalled at 1.4338 and fresh losses under 1.4200 mark, now increase risk of lower top and extension of the broader weakness off 1.4695, 07 June high. Break below Friday’s low at 1.4126 is required to confirm, and open way for retest of 1.4073, below which would target 1.4012 and key support at 1.3968. On the upside, clearance of 1.4327, channel ceiling and 1.4338 high is needed to signal higher low and expose 1.4500 zone.

Res: 1.4289, 1.4338, 1.4428, 1.4495
Sup: 1.4126, 1.4073, 1.4012, 1.3968

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GBP/USD

Maintains short-term weak tone after upside failure to clear key barrier at1.6470 triggered sharp sell-off to 1.6077, last Thursday, just above 1.6057, 24 May low. The pair is currently congested within narrow range, with upside being capped under 1.6200. 20 day MA on 4-hour chart, currently at 1.6175, maintains near-term bears for attempt at 1.6077/57 and possible test of 200 day MA, currently at 1.6020, loss of which would confirm short term bears and top at 1.6745. To ease bear pressure, regain of minimum 1.6300 level is required.

Res: 1.6194, 1.6224, 1.6272, 1.6285
Sup: 1.6092, 1.6077, 1.6057, 1.6000

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USD/JPY

Recovery from 79.68, 08 June low, was capped at 81.05, with fresh weakness testing psychological support at 80.00 so far. Loss of 80.00 would open strong supports at 79.68/55 for retest, break of which would confirm broader weakness off 85.50, as upside remains capped by 55/90 day MA’s at 81.67/77 and 82.20, previous high and 200 day MA at 82.34.

Res: 80.92, 81.05, 81.31, 81.76
Sup: 80.00, 79.68, 79.55, 79.06

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USD/CHF

Steady recovery from 0.8325/45 low, extended gains to test key near-term barrier at 0.8544/50 zone. Corrective pullback on overbought near-term conditions, has so far been contained at 0.8440 support zone, also Fib 50%, keeping near-term bulls in play. Clearance of 0.8550 would open way for fresh extension higher and target 0.8600/60 next. On the downside, loss of 0.8440, would risk fresh weakness below 0.8400 and likely signal an end of recovery phase.

Res: 0.8514, 0.8550, 0.8600, 0.8660
Sup: 0.8440, 0.8418, 0.8400, 0.8345

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