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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 » Tue Jul 05, 2011 1:50 pm

EUR/USD

Consolidates the recent reversal from 1.4576/52 highs, after finding temporary support at 1.4450 zone, just ahead of strong support at 1.4440/35. Regain of yesterday’s low at 1.4500 area, as well as hourly 20 day MA would signal fresh strength, with clearance of 1.4576 to open way for extension of broader uptrend from 1.4100 and target 1.4600, ahead of strong resistance at 1.4695, 07 June high. Only loss of 1.4435 would weaken near-term structure and allow deeper correction.

Res: 1.4494, 1.4501, 1.4552, 1.4576
Sup: 1.4456, 1.4440, 1.4435, 1.4400

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GBP/USD

Fresh strength from 1.5990, today’s low, has regained 1.61 barrier, extending gains to 1.6126, just ahead of 1.6139, yesterday’s high. Consolidation at 1.6100 zone is underway, with strengthened near-term structure, setting scope for fresh gains through the recent range ceiling at 1.6139, to focus 1.6200/61 next. 20 day MA, currently at 1.6070, supports the advance, while potential break below 1.6050 to signal a return to range trading.

Res: 1.6126, 1.6139, 1.6166, 1.6200
Sup: 1.6070, 1.6050, 1.6000, 1.5990

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USD/JPY

Regains strength after support was found at 80.52 yesterday, but struggling to regain initial barrier at 81.26. Break above here is required to resume short-term uptrend from 79.68/80.00 and expose 81.76/82.20. Corrective dips need to be contained above 80.50, to keep immediate bulls in play.

Res: 81.18, 81.26, 81.76, 82.20
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 resistance at 0.8548/50, 16 June high/ 04 May low. Current corrective/consolidative trading is seen preceding fresh attempt higher, with clearance of 0.8450 barrier to signal stronger recovery. Only loss of 0.8400/8390 support zone, would weaken the near-term positive structure.


Res: 0.8504, 0.8524, 0.8550, 0.8600
Sup: 0.8427, 0.8400, 0.8391, 0.8366

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