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Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 11, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Trades in a corrective mode after break below channel support triggered dip to 1.4253 low. Hourly studies remain supportive, with break above 1.4430/40, bull channel trendline / 09 May high, needed to resume correction and open 1.4500 zone. Hourly 20 day MA supports at 1.4390 and RSI at 60 pointing higher. 1.4320 zone offers initial support and potential break here would bring bears back in play for retest of 1.4269/53. Loss of the latter would signal a resumption of short-term downtrend from 1.4938 and open 1.4200 next.

    Res: 1.4422, 1.4440, 1.4455, 1.4509
    Sup: 1.4382, 1.4320, 1.4300, 1.4269

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    GBP/USD

    Maintains near-term positive tone after finding support at 1.6269, daily 55 day MA. Upside attempts remain capped at 1.6420 zone for now, and break here is sought for fresh recovery towards 1.6460/80. On the downside, initial support lies at 1.6343 and potential loss yesterday’s higher low at 1.6315 would end recovery hopes and expose 1.6269 for retest.

    Res: 1.6382, 1.6400, 1.6420, 1.6440
    Sup: 1.6343, 1.6315, 1.6300, 1.6269

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    USD/JPY

    Today’s brief break above 81.00 barrier increases potentials for further recovery from 79.55 low, with current pullback expected to reverse above 80.52/45, previous low / trendline support, to keep near-term bulls in play. Sustained break above 81.00/20 is needed to confirm and open 81.60/80 barriers for test. On the downside, loss of 80.45 would delay for 80.15, yesterday’s higher low, break of which would signal an end of the near-term recovery phase.

    Res: 81.08, 81.20, 81.68, 81.86
    Sup: 80.52, 80.15, 80.00, 79.87


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    USD/CHF

    Corrects yesterday’s rally through 0.8800 barrier that posted fresh high at 0.8821. Trendline connecting 0.8555 and 0.8706, offers immediate support at 0.8785, along with 4-hour 20 day MA at 0.8756, with higher low above 0.8706 required to keep near-term bulls in play. Clear break above 0.8820 zone is needed to confirm and expose 0.8830/50, ahead of strong resistance at 0.8900 zone.

    Res: 0.8893, 0.8821, 0.8830, 0.8850
    Sup : 0.8785, 0.8753, 0.8730, 0.8706

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