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Short Term Technical Analysis for Majors (13:50 GMT)

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Short Term Technical Analysis for Majors (13:50 GMT)

Postby WindsorBrokers » Thu Jun 30, 2011 2:21 pm

EUR/USD

Trades in a near-term corrective mode after extending gains above 1.4496, previous high, to reach 1.4520 thus far. Trendline support at 1.4450 holds for now, with further reversal towards 1.4370/60, 20 day MA / Fib 50% of 1.4100/1.4520 upleg, not ruled out, before fresh push higher. Daily studies are regaining momentum and break above 1.4520/25, today’s high / main trendline resistance, to open 1.4550/1.4600.

Res: 1.4500, 1.4520, 1.4525, 1.4550
Sup: 1.4446, 1.4420, 1.4400, 1.4370

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GBP/USD

Has failed to sustain gains above 1.6100, after pullback from 1.6117, day’s high, broke below 1.6050 initial support, then trendline / 200 day MA at 1.6032, to extend losses to test 1.5970, yesterday’s intraday low. This weakens near-term structure, as corrective attempt from 1.5970 was short lived. Focus is now turning lower, for possible retest of 1.5910 and extension to 1.5880/50 on a break. Only regain of 1.6030/60 zone would improve near-term tone.

Res: 1.6034, 1.6048, 1.6100, 1.6117
Sup: 1.5970, 1.5910, 1.5900, 1.5880

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USD/JPY

Break above 81.05, key near-term barrier was short-lived, as gains stalled at 81.26, with strong reversal dipping to 80.25 so far. Weakened near-term structure, confirms temporary top at 81.26, ahead of possible attack at key supports at 80.00 and 79.68/55. On the upside, initial resistance lies at 80.55, also 20 day MA, regain of which may would ease near-term bear-pressure, however, only break above 81.00 barrier improves the tone.

Res: 80.55, 80.65, 81.00, 81.26
Sup: 80.25, 80.10, 80.00, 79.68

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USD/CHF

Remains constructive off fresh record low at 0.8273, while 0.8300 zone holds. Fresh strength through 0.8366, yesterday’s high, is surging through initial barrier at 0.8400, ahead of resistances at 0.8435/50, clearance of which would signal stronger recovery towards 0.8500 and key short-term barrier at 0.8550. Previous high at 0.8366 offers initial support, while 20 day MA at 0.8335 underpins the advance.


Res: 0.8435, 0.8450, 0.8500, 0.8550
Sup:0.8400, 0.8366, 0.8335, 0.8300

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