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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 » Mon Jul 04, 2011 7:38 am

EUR/USD

Last Friday’s close above 1.4500 handle and overnight’s upside extension to a fresh high at 1.4576, keep short-term bulls from 1.4100, 27 June low, firmly in play. Main trendline, connecting 1.4938 04 May high and 1.4694, 08 June lower high, has been cleared, with next target at 1.4600, Fib 61.8% of 1.4938/1.4100 downleg, ahead of key barrier at 1.4694, break of which would signal an end of corrective phase from 1.4938. Daily studies remain supportive for fresh action higher, with hourly 20 day MA at 1.4524, underpinning the advance and main near-term support at 1.4435.

Res: 1.4565, 1.4576, 1.4600, 1.4651
Sup: 1.4510, 1.4480, 1.4435, 1.4400

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GBP/USD

Returns to strength, extending the near-term correction off 1.5910, 28 June low, after pullback from 1.6117, 30 June high, found support at 1.5990/70 zone. Recent lift above 1.6117 is looking for test of 1.6200/15, ahead of key short-term barrier at 1.6261, 22 June high, break of which to signal stronger recovery and possible test of channel resistance at 1.6320. On the downside, trendline from 1.5910, offers initial support at 1.6035, ahead of previous lows at 1.5987/72, loss of which would turn the structure bearish.

Res: 1.6165, 1.6200, 1.6215, 1.6261
Sup: 1.6064, 1.6055, 1.6035, 1.6000

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USD/JPY

Reversal from 81.26, 28 June fresh one-month high, has so far found support at 80.25, to keep short-term positive tone off 79.68/80.00 levels alive. Recovery attempt remain capped at 81.00 for now, with immediate risk of completion of 4-hour head and shoulders, on break below 80.30, neckline, along with main trendline at 80.25, to further weaken the structure and expose 80.00/79.68/55. Wider picture shows sideways trading, with the upside well protected by daily 55/90/200 day MA’s, currently at 80.97/81.55/82.11, as well as key short-term static resistance at 82.20.

Res: 80.76, 80.90, 81.13, 81.26
Sup: 80.54, 80.40, 80.30, 80.25

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USD/CHF

Maintains near-term positive structure fresh all-time low at 0.8273, after strong rally cleared 0.8450/0.8500 barriers, extending gains to 0.8524 so far, just ahead of key short-term resistances at 0.8541, trendline resistance and 0.8548/50, 16 June high/ 04 May low. Break here is required to ease bear-pressure on the wider picture and possible near-term basing, ahead of stronger correction. Initial supports lie at 0.8460/0.8390, with the latter expected to contain corrective pullbacks to maintain immediate bulls.


Res: 0.8500, 0.8524, 0.8541, 0.8550
Sup: 0.8461, 0.8391, 0.8366, 0.8335

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