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Short Term Technical Analysis for Majors (07:30 GMT)

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Short Term Technical Analysis for Majors (07:30 GMT)

Postby WindsorBrokers » Tue Jun 21, 2011 7:38 am

EUR/USD

Extends near-term recovery phase from 1.4073 low, breaking above bear channel from 1.4695 and previous high at 1.4338, to test Fib 50% of 1.4695/1.4073 decline at 1.4380. Mild correction to 1.4300 zone on overbought hourly studies was seen overnight, with fresh strength looking for break above daily 55 day MA at 1.4410, to possibly open 1.4496, 14 June high for retest. Near-term studies remain supportive, however, caution on hourly conditions approaching overbought zone. On the downside, 20 day MA at 1.4310, maintains positive tone, with reversal under 1.4290, yesterday’s intraday low and 1.4275, trendline support, to possibly signal near-term top and trigger deeper pullback.

Res: 1.4382, 1.4428, 1.4456, 1.4496
Sup: 1.4305, 1.4290, 1.4275, 1.4211

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GBP/USD

Maintains near-term positive tone off 1.6077, 16 June low, breaking above 1.6200/45 barriers, to focus 1.6285/1.6300 targets, break of which is required to confirm near-term base and look for possible attack at 1.6400, trendline resistance. Hourly 20 day MA at 1.6210, underpins, while under 1.6200/1.6173 would risk deeper reversal into 1.6100 zone.

Res: 1.6253, 1.6272, 1.6285, 1.6300
Sup: 1.6204, 1.6173, 1.6108, 1.6092

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USD/JPY

Continues to trade in a narrow consolidative range after losses from 81.05, 15 June high, found support at 80.00, psychological support. Hourly 20 day MA, currently at 80.20, limits the upside, with break here and 80.30/40, previous high zone, required to ease immediate bear pressure and signal further recover. However, clearance of 81.05 is needed to confirm higher low and possibly open way for test of 81.76/82.20 barriers. On the downside, loss of 80.00 handle risks retest of 79.68/55, key supports.

Res: 80.35, 80.47, 80.92, 81.05
Sup: 80.00, 79.68, 79.55, 79.06

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USD/CHF

Near-term structure remains weak after recovery attempt from record low at 0.8325, stalled at initial barrier at 0.8550 and subsequent reversal lost 0.8466/40 handles, to test 0.8400 support. Hourly / 4 hour studies favor further weakness while 0.8480, 20 day MA and 0.8514, yesterday’s high, cap, with loss of 0.8400 to expose 0.8345/25 for retest. Only break above 0.8514 would improve near-term tone, but clearance of 0.8550 is required to confirm and open 0.8600 next.

Res: 0.8480, 0.8514, 0.8550, 0.8600
Sup: 0.8416, 0.8404, 0.8345, 0.8325

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