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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 » Tue Jul 05, 2011 7:20 am

EUR/USD

Extends near-term correction as renewed attempt higher was capped at 1.4552, just under yesterday’s fresh high at 1.4576. Loss of momentum on near-term studies, suggests further easing, with 1.4440/35 offering strong support, ahead of 1.4400, Fib 38.2% of 1.4100/1.4576 upleg, where a reversal is seen to keep immediate bulls in play. Above 1.4576 to focus 1.4600 and key barrier at 1.4694. Only loss of 1.4300 zone would weaken short-term tone and put bulls on hold.

Res: 1.4490, 1.4552, 1.4576, 1.4600
Sup: 1.4440, 1.4435, 1.4400, 1.4338

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GBP/USD

Weakened the near-term structure after upside rejection at 1.6100 zone, accelerating losses through trendline support at 1.6055, and 200 day MA at 1.6040, to approach key support zone at 1.6000/1.5970, Fibonacci 61.8% / previous lows. Break below the latter would signal an end of corrective phase from 1.5910. On the upside, 1.6050 zone offers immediate resistance, ahead of 20 day MA, currently at 1.6070, expected to cap upside attempts.

Res: 1.6050, 1.6070, 1.6100, 1.6139
Sup: 1.6000, 1.5990, 1.5970, 1.5910

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USD/JPY

Returns to strength after finding ground at 80.52 yesterday, with fresh strength attempting at 81.26, resistance, break of which is needed to expose key barriers at 81.76 and 82.20. Near-term studies remain supportive, however, overbought conditions suggest corrective pullback to precede fresh rally. Initial support at 80.70 is expected to contain, while loss of 80.52/40, yesterday’s low / trendline support, weakens the short-term structure.

Res: 81.26, 81.76, 82.20, 82.80
Sup: 80.97, 80.70, 80.52, 80.40

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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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