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Short Term Technical Analysis for Majors (07:30 GMT)

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Short Term Technical Analysis for Majors (07:30 GMT)

Postby WindsorBrokers » Mon Jul 11, 2011 7:57 am

EUR/USD

Maintains broader downtrend off 1.4938, 04 May peak, as the recent recovery attempt was capped at 1.4576. Fresh weakness is currently attempting at triangle support at 1.4167, with clear break here to open way for test of short-term supports at 1.4102 and 1.4073, 27 / 16 June lows, ahead of possible attempt at key support at 1.3968, 23 May low. Overextended near-term studies suggest correction, with 20 day MA, currently at 1.4300, offering initial resistance. Only break above 1.4373 would improve near-term outlook.

Res: 1.4225, 1.4271, 1.4300, 1.4373
Sup: 1.4102, 1.4073, 1.4000, 1.3968

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GBP/USD

Remains under pressure after rally from last Friday’s low at 1.5930 stalled at 1.6077, near 200 day MA. Subsequent sell-off has dipped to 1.5956 so far. Negative broader outlook favors fresh attack at 1.5930/10, loss of which would signal an extension of the downtrend from 1.6745, 28 Apr high, and open way for test of 1.5880, Fibonacci level, ahead of 1.5821/1.5750, Jan lows. Upside attempts should stay capped at 1.6050 zone to maintain bears.

Res: 1.6000, 1.6041, 1.6047, 1.6077
Sup: 1.5930, 1.5910, 1.5880, 1.5821

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USD/JPY

Undergoes near-term recovery after last Friday’s sharp decline from 81.46 high found temporary support at 80.50. Initial resistance at 80.78 has been regained, with 81.00 zone, 20 day MA, 15 June high, seen next, ahead of possible attempt at key barrier at 81.46, as wider picture positive tone off 80.00 remains intact for now, while main trendline at 80.40 stays intact. Loss of the latter would soften short-term tone and expose 80.25/00 instead.

Res: 81.00, 81.26, 81.46, 81.76
Sup: 80.48, 80.40, 80.25, 80.00

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USD/CHF

Has dipped sharply after recovery from 0.8362, 06 July low was capped at 0.8519 trendline resistance. Loss of 0.8392, trendline support and previous low at 0.8362, weakens the near-term structure and signals possible end of recovery phase from 0.8273, fresh historical low, as more than 61.8% of 0.82730.8524 upleg has so far been retraced. Current corrective attempt is for now seen capped at 0.8400/30 zone.

Res: 0.8400, 0.8430, 0.8445, 0.8491
Sup: 0.8356, 0.8337, 0.8305, 0.8295

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