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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 » Thu Feb 14, 2013 9:23 am

EUR/USD

The Euro came under increased pressure after yesterday’s upside rejection at 1.3518, accelerating loses through 1.3428, previous highs and broken channel line and psychological 1.3400 support. With over 76.4% of 1.3352/1.3518 ascend being reversed so far, immediate focus shifts towards near-term base at 1.3352, also 50% of larger 1.2996/1.3710 upleg, below which to signal resumption of downtrend from 1.3710, towards 1.3300 and 1.3265/70 higher platform / bull-trendline off 1.2660. Negative near-term studies support the notion. Corrective rallies would face good barriers at 1.3428 and 1.3460 zone and only break here would turn focus higher.

Res: 1.3400, 1.3428, 1.3465, 1.3477
Sup: 1.3370, 1.3352, 1.3300, 1.3270

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GBP/USD

Cable continues to move south, approaching our next target at 1.5500. Strong bearish tone in short-term studies suggests that further extension lower is likely, as clearance of psychological 1.5500 support is expected to open 1.5489/57, Aug 2012 lows initially, with key med-term supports at 1.5267 and 1.5233, Jan / June 2012, coming in near-term focus. Possible hesitation at 1.5500 handle would be expected on oversold 1/4h conditions, with corrective rallies seen limited at 1.5630 zone.


Res: 1.5571, 1.5584, 1.5600, 1.5630
Sup: 1.5500, 1.5489, 1.5457, 1.5392

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USD/JPY

Near-term price action moves in a sideways mode, with 93.00 zone protecting the downside and keeping slightly positive tone in play. Regain of initial barrier and range top at 93.76, as well as 94.00, previous high, is required confirm bullish structure and confirm higher low at 92.81, for attempt at recent peaks at 94.40/45. Conversely, slide below 93.00/92.80, would weaken near-term structure and shift focus towards key near-term support at 92.00.

Res: 93.76, 93.90, 94.00, 94.40
Sup: 93.12, 93.00, 92.80, 92.44

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USD/CHF

No significant changes seen in past sessions, as the price action was entrenched between 0.9150 and 0.9213 range. Near-term tone is slightly aligned towards the upside, following attempts at range tops, however, sustained break above 0.9200 and regain of Fibonacci barrier at 0.9247, is required to confirm bullish resumption and open way for fresh extension towards 0.9300. On the downside, range floor at 0.9150 guards 0.9100.

Res: 0.9218, 0.9247, 0.9300, 0.9323
Sup: 0.9165, 0.9150, 0.9115, 0.9100

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