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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 » Wed Feb 13, 2013 9:28 am

EUR/USD

The single currency regained some ground, as bounce from 1.3352 base cracked important barrier at 1.3365, channel resistance / 50% of 1.3576/1.3352, but failed to break higher. Consolidative action is for now held by hourly 20 day EMA and above 1.3430, previous range tops that keeps immediate focus at the upside. However, hourly studies are in positive territory but lacking momentum for now, while 4h structure looks more supportive. Break above 1.3465 is seen as initial trigger for further recovery, with clearance of 1.3500 barrier, near 61.8%, required to confirm. Conversely, slide under 1.3400, would weaken the structure and re-focus 1.3352.

Res: 1.3465, 1.3477, 1.3490, 1.3500
Sup: 1.3430, 1.3400, 1.3370, 1.3352

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GBP/USD

Yesterday’s recovery rally from fresh annual low at 1.5572, retraced daily losses and returned to the opening levels, but lacked strength to clear pivotal 1.5700 barrier, also 50% of 1.5843/1.5572. Slight improvement on hourly studies is insufficient for stronger recovery for now, as 4h structure remains negative, along with overall bearish picture that describes the latest rally as corrective and preceding fresh weakness. Slide below 1.5600/1.5572 is expected to open 1.5530, Fib 76.4% of 1.5267/1.6380 and 1.5500 next. Only clear break above 1.5700, would delay immediate bears for 1.5740/1.5780, while more significant improvement requires regain of 1.5843/77 peaks.

Res: 1.5675, 1.5688, 1.5700, 1.5740
Sup: 1.5645, 1.5600, 1.5572, 1.5545


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USD/JPY

Sharp reversal from yesterday’s high at 94.40 dipped below important 93.00, Fib 61.8% of 92.17/94.45 and weakened near-term structure. Dips were so far contained by 55 day EMA at 92.80, with quick reversal above 93.00, keeping the bullish stance. However, failure to regain 93.60, yesterday’s intraday high and 50% of 94.40/92.80 slide, would risk fresh weakness that may focus key near-term support at 92.00, loss of which would be bearish. From the other side, lift above 93.60 and regain of 94.40, to bring bulls fully in play for possible retest of strong 94.45/40 barrier.

Res: 93.44, 93.60, 93.85, 94.00
Sup: 93.00, 92.80, 92.44, 92.17

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USD/CHF

The pair lost traction, after failure to clear 0.9200 breakpoint, as gains stalled at 0.9213, capped by daily Ichimoku cloud base. Subsequent reversal returned to near-term range floor at 0.9150 that so far contained dip, along with 55 day EMA. Negative hourly structure keeps the downside at risk, with 4h chart indicators losing momentum. Loss of 0.9150/40, recent range floor and Fib 38.2% of 0.9020/0.9213 would revive near-term bears for test of 0.9100, while lift above 0.9200, requires regain of 0.9247, 50% of 0.9387/0.9020, to improve.

Res: 0.9180, 0.9200, 0.9213, 0.9247
Sup: 0.9150, 0.9115, 0.9100, 0.9065

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