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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 » Tue Jun 21, 2011 1:54 pm

EUR/USD

Remains well supported at 1.4300 zone, as today’s two pullback were contained just above here, with latest strength attempting at 1.4380 zone, overnight’s high / Fib 50% of 1.4695/1.4073 downleg. Break here is sought for resumption of near-term uptrend from 1.4073, to open 1.4428/56, 15 June high / Fib 61.8%. Extended hourly indicators, however, warn of possible stall, and potential loss of 1.4300/1.4290 support zone, today’s lows / main trendline support, to delay immediate bulls.

Res: 1.4387, 1.4428, 1.4456, 1.4496
Sup: 1.4314, 1.4305, 1.4290, 1.4211

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GBP/USD

Near-term tone weakened after renewed attempt at 1.6253, overnight’s high, also Fib 38.2% of 1.6545/1.6073, failed at 1.6243, with subsequent reversal losing 1.6200/1.6173 handles. Fresh strength off 1.6166, today’s low is currently struggling to sustain gains above 1.6200, with failure under 1.6250 zone to signal fresh leg lower and expose 1.6130, trendline support and 1.6108, yesterday’s low.

Res: 1.6243, 1.6253, 1.6272, 1.6285
Sup: 1.6166, 1.6130, 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 studies remain skewed to the downside while 20 day MA, currently at 80.20, and 80.33/36, today’s / yesterday’s highs, limiting the upside. Renewed attempt at 80.00 support increases risk of further weakness and below the latter to open 79.68/55, possibly 79.06, 18 Mar low, on a break.

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: 0.8473, 0.8514, 0.8550, 0.8600
Sup: 0.8416, 0.8404, 0.8345, 0.8325

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