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Short Term Technical Analysis for Majors (08:00 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 21, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Trades in a consolidative mode after the upside rejection at 1.3537 on 19 Jan. Support was found at 1.3395 yesterday, with fresh strength attempting again through 1.35. We need to see a clear break above 1.3537 to confirm resumption of the broader uptrend from 1.2873 and to focus 1.3630. Holding below 1.3535/00, however, keeps the risk of stronger reversal in play. Main near-term support lies at 1.3243 and should contain dips to keep immediate bulls in play.

    Res: 1.3537, 1.3573, 1.3632, 1.3738
    Sup: 1.3448, 1.3417, 1.3395, 1.3355

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    GBP/USD

    Failure to regain 1.6058 peak and further extension of reversal from here, increases risk of deeper correction and putting attempts higher on hold. Immediate support lies at 1.5808, 38.2% Fibonacci retracement of 1.5404/1.6058 ascend, loss of which would look for 1.5758, 60 day MA, where dips should be reversed, ahead of fresh push towards 1.6058. Break higher to expose 1.6083/93 next

    Res: 1.5942, 1.6008, 1.6035, 1.6058
    Sup: 1.5837, 1.5806, 1.5729, 1.5717

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    USD/JPY
    Break below 82.00 level was short-lived after support was found at 81.84 and fresh strength emerged, reversing over 61.8% of the latest 83.67/81.84 decline and regaining key near-term barrier at 83.05. This signals fresh near-term bull’s extension towards 83.45 and possible retest of 83.67, break of which to confirm higher low and resume recovery from 80.92 towards key short-term resistance at 84.49. However, correction from 83.11 yesterday’s fresh high, should hold above 82.60/50 to maintain immediate bulls.

    Res: 83.11, 83.45, 83.67, 83.90
    Sup: 82.63, 82.48, 82.32, 81.84

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    USD/CHF
    Extends reversal, following the upside failure of the recent recovery attempt from 0.9301 at 0.9782. Over 50% has so far been retraced at 0.9518, where temporary support was found. Recovery has so far reached 0.9683, 61.8% retracement of 0.9782/0.9518 decline, ahead of pullback on overbought hourly conditions. Dips need to hold above 0.96 area to keep near-term bulls in play for fresh push higher, with regain of 0.9683 to focus 0.9762/82. Loss of 0.96/0.9580 would however, signal a resumption of short-term downtrend from 0.9782.

    Res: 0.9645, 0.9683, 0.9724, 0.9763,
    Sup: 0.9607, 0.9600, 0.9582, 0.9525

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