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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 » Thu Jul 14, 2011 7:36 am

EUR/USD

Strong rebound from 1.3836, 12 July low, exceeded our barrier at 1.4200, to extend gain to 1.4281 so far, just under Fib 61.8% retracement of 1.4576/1.3836 downleg. This confirms temporary bottom at 1.3836 and turns near-term focus higher. Corrective pullback from 1.4281, on overbought hourly conditions, has so far been contained by 20 day MA at 1.4165, with further reversal to be contained at 1.4130/00 zone, to keep immediate bulls in play. Above 1.4281 open way for test of key near-term resistance at 1.4373.

Res: 1.4250, 1.4281, 1.4300, 1.4351
Sup: 1.4165, 1.4130, 1.4109, 1.4098

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GBP/USD

Strong rally that emerged after yesterday’s consolidation at 1.5960/00 zone, breached key near-term resistances at 1.6045/77, 200 day MA, 08 July high and 1.6139, 04 July correction top, to extend recovery from fresh 7-month low at 1.5779, posted on 12 July. New high was reached at 1.6192, ahead of corrective easing. Dips should hold above 1.6050, to maintain near-term bull-tone for fresh attempt through 1.6200 zone, towards next strong barriers at 1.6248/61, bear-channel resistance / 22 June high.

Res: 1.6192, 1.6248, 1.6261, 1.6300
Sup: 1.6149, 1.6109, 1.6077, 1.6047

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USD/JPY

Has accelerated losses after breaking below key supports at 79.68/55 and 79.00, to spike to fresh 4-month low at 78.45. This confirms an extension of the broader downtrend from 85.50 and open way for possible retest of 76.32, 16 Mar, pre-intervention low. Corrective attempts are seen capped by 20 day MA, currently at 79.64 and 80.00 zone for now.

Res: 79.59, 79.68, 80.00, 80.25
Sup: 78.62, 78.55, 78.45, 78.00

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USD/CHF

Slumps to a fresh historical low at 0.8073 overnight, after yesterday’s loss of previous low at 0.8273 accelerated losses. Corrective action on extremely overextended hourly studies is seen preceding fresh weakness, with 0.8000, then 0.7900 levels in focus, as wider picture outlook remains firmly bearish. Immediate barrier at 0.8170, today’s high / 20 day MA, needs to be cleared, to open way for stronger correction, with 0.8200/80 seen next.

Res: 0.8171, 0.8200, 0.8280, 0.8309
Sup: 0.8111, 0.8100, 0.8073, 0.8000

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