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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 » Mon Jul 04, 2011 1:52 pm

EUR/USD

Trades in a near-term corrective/consolidative mode, after posting fresh high at 1.4576, earlier today. Holding above 1.4500 handle keeps immediate scope for fresh attack at 1.4576, above which opens Fibonacci level at 1.4600, ahead of key resistance at 1.4694, 08 June high. Initial support lies at 1.4440/35 zone.

Res: 1.4539, 1.4559, 1.4576, 1.4600
Sup: 1.4494, 1.4466, 1.4435, 1.4400

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GBP/USD

Renewed attempt through 1.6100 barrier has failed to sustain gains, stalling at 1.6139, ahead of reversal into 1.6060, initial support zone. Short-term positive tone, however, remains intact, while main trendline, currently at 1.6045, holds. Potential break through 1.6139 to open 1.6200/15 next, ahead of key short-term barrier at 1.6261. Loss of trendline support and higher platform at 1.5990/70 would weaken the structure for retest of 1.5910, 28 June low.

Res: 1.6100, 1.6139, 1.6165, 1.6200
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 zone 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: 80.90, 81.13, 81.26, 81.76
Sup: 80.52, 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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