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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 » Mon Jun 20, 2011 2:13 pm

EUR/USD

Maintains near-term positive structure off 1.4073, 3-weeks fresh low, after pullback from 1.4338, last Friday’s recovery high, was supported by trendline, connecting 1.4073 and 1.4126 lows. Fresh attempt higher needs to clear 1.4320./38, channel resistance / previous high, to resume recovery towards 1.4380, Fib 50% of 1.4695/1.4073 downleg, with possible extension to 1.4430/60 seen on a break. Failure to break above 1.4338, however, would signal lower top and fresh weakness and turn focus to 1.4190, today’s low.

Res: 1.4320, 1.4338, 1.4428, 1.4460
Sup: 1.4211, 1.4190, 1.4126, 1.4073

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GBP/USD

Extends near-term recovery phase from 1.6077, 16 June low, in attempt to emerge from the recent consolidative range, with recent brief break above 1.6200 range ceiling, signaling further correction of the broader downmove from 1.6545 and 1.6470. However, clearance of 1.6224 is needed to confirm and expose 1.6285/1.6300 zone next, as hourly studies remain supportive. On the downside, hourly 20 day MA underpins, with key near-term support at 1.6108.

Res: 1.6224, 1.6272, 1.6285, 1.6300
Sup: 1.6108, 1.6092, 1.6077, 1.6057

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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 wider picture outlook 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: 80.35, 80.47, 80.92, 81.05
Sup: 80.00, 79.68, 79.55, 79.06

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USD/CHF

Continues to lose traction as the recent recovery from 0.8325 record low, stalled on test of initial barrier at 0.8550. Downside loss of 0.8466/40 support zone, increases risk of lower top at 0.8550 and extension of broader downtrend. Loss of 0.8420/00 support is needed to confirm and open way for retest of 0.8345/25 lows.

Res: 0.8475, 0.8514, 0.8550, 0.8600
Sup: 0.8400, 0.8345, 0.8325, 0.8300

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