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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 » Thu Jul 14, 2011 1:55 pm

EUR/USD

Maintains near-term positive tone off 1.3836, after gains peaked at 1.4281 and subsequent pullback found support at 1.4156, just above initial support at 1.4130. Regain of 1.4281 is sought for resumption of current uptrend towards key near-term barrier at 1.4373, 07 July high. Failure to clear 1.4281 would risk further easing, as hourly momentum is waning. Loss of 1.4100 support, however, to weaken the structure.

Res: 1.4257, 1.4281, 1.4300, 1.4351
Sup: 1.4156, 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. Corrective easing 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: 1.6094, 1.6077, 1.6047, 1.6000

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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 were limited by 20 day MA, while 80.00 zone caps 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. Attempt through 0.8170, today’s high, to open way for stronger correction, with 0.8200/80 seen next.

Res: 0.8200, 0.8280, 0.8309, 0.8365
Sup: 0.8142, 0.8111, 0.8100, 0.8073

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