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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 » Thu Jun 23, 2011 2:03 pm

EUR/USD

Extends weakness off 1.4440, yesterday’s high, losing 1.4190/77, 20 June low / Fib 61.8% of 1.4073/1.4440 upleg, to reach 1.4152 low so far. Immediate focus is at 1.4100, trendline connecting 1.3968/1.4073 lows, ahead of 1.4073, 16 June low, loss of which would confirm lower top at 1.4440 and expose 1.3968, key short-term support, for retest. Oversold near-term conditions suggest corrective action before fresh leg lower, with 1.4300 zone expected to cap.

Res: 1.4200, 1.4234, 1.4281, 1.4300
Sup: 1.4152, 1.4126, 1.4100, 1.3968

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GBP/USD

Upside rejection at 1.6260 has triggered sharp decline through key supports at 1.6077/57, also breaking below 1.6026, 200 day MA and 1.6000 handle, en-route to 1.5935, Feb /Mar range floor and Fib 61.8% of 1.5345/1.6745 ascend at 1.5880. Overextended hourly studies see scope for bounce, with 1.6060/1.6100 zone expected to cap correction.

Res: 1.6000, 1.6043, 1.6066, 1.6077
Sup: 1.5935, 1.5900, 1.5880, 1.5820

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USD/JPY

Maintains near-term positive tone after break above the recent consolidative range, as psychological support at 80.00 remains intact. Clearance of previous high at 80.63 has far seen 80.78 high, en-route to key near-term barrier at 81.05. Previous highs at 80.33/36 are expected to contain corrective pullback, as hourly studies entered overbought zone. Hourly 20 day MA, currently at 80.46, underpins the near-term bulls.

Res: 80.78, 80.92, 81.05, 81.31
Sup: 80.54, 80.33, 80.00, 79.68

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USD/CHF

Extended the downleg from 0.8550 barrier, breaking through 0.8400 support, to test levels just above record low at 0.8325, where temporary support was found. Subsequent bounce has regained 0.8400 handle, with 0.8436 limiting the upside for now. Holding above 0.8400 zone, also hourly 20 day MA, keeps hopes of fresh recovery in play, with regain of 0.8450/75 is required to confirm and re-focus 0.8550. Below 0.8400, to target 0.8338/25.

Res: 0.8436, 0.8450, 0.8475, 0.8514
Sup: 0.8383, 0.8338, 0.8325, 0.8300

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