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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 28, 2013 11:10 am

EUR/USD

The Euro broke above consolidation top at 1.3120, but gains are still limited under 50% of 1.3317/1.3017 fall and for now, insufficient to confirm reversal, signaled by Doji and big white candle, seen on 26/27 Feb. Positive hourly structure sees the upside favored for now, with stretch towards 1.3200/25 zone, Fib 61.8% / daily Ichimoku cloud top and Tenkan-sen line. Overall bearish tone, however, keeps the downside risk in play, with current move seen as corrective and preceding test of 1.3000, next target. Only break above 1.3300/15, channel resistance / 25 Feb peaks, would delay bears in favor of stronger recovery.

Res: 1.3167, 1.3200, 1.3215, 1.3246
Sup: 1.3124, 1.3100, 1.3039, 1.3017

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GBP/USD

Cable remains entrenched within 1.5069/1.5218 consolidative range, with near-term studies holding neutral tone. Bullish divergence on 4h chart so far did not produce any significant gains, as the pair failed to capitalize in filling Monday’s gap. With 20 day EMA limiting the upside and 4h studies still lacking momentum, the downside remains vulnerable. Upside break above 1.5218 would delay bears that dominate on larger timeframes studies, however, only clearance of 1.5315, 22 Feb double-top, would prevent the pair sliding towards initial target at 1.5000.

Res: 1.5190, 1.5220, 1.5257, 1.5315
Sup: 1.5150, 1.5120, 1.5080, 1.5069


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USD/JPY

Near-term structure improves, as the price moves towards the upper boundary of consolidation range at 92.70. Break and close above important 92.00 resistance, previous base, would signal stronger reversal of sharp 94.55/90.85 fall, as 92.70 marks 50% of entire downleg, where also 55day EMA lies. However, weak 4h studies do not see much potential for stronger rebound that requires regain of 93.00 barrier, to re-focus 94.55 and 94.97, 2010 high. On the downside, loss of 92.00 handle will be seen as initial signal of weakness, but break below 90.85/67 is to confirm reversal from 94.55 and open next downside target at 90.00.

Res: 92.70, 93.14, 93.68, 94.00
Sup: 92.16, 92.00, 91.62, 91.12

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USD/CHF

Larger picture bulls remain intact for now, however, near-term studies are lacking momentum for break above one-week range top at 0.9330 zone. Hourly structure is getting negatively aligned, as the price attempts at range floor at 0.9280, with 4h studies losing traction that keep the downside at risk. Downside break of 0.9280/50 supports is to further weaken the structure, while loss of pivotal 0.9200 zone will put near-term bulls aside. Alternative scenario sees break above 0.9330 as a trigger for bullish extension towards key barriers and near-term targets at 0.9381/87.

Res: 0.9300, 0.9326, 0.9337, 0.9381
Sup: 0.9280, 0.9256, 0.9240, 0.9200

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