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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jun 7, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Returns to strength after yesterday’s close under 1.4600 and downside extension to 1.4560 zone, where support was found. Fresh rally, regaining momentum through 1.4600 barrier, approaches yesterday’s high at 1.4657, break of which is sought for resumption of the boarder uptrend and focus 1.4700/20 next. Hourly studies are supportive, with 20 day MA at 1.4600 zone, underpinning the latest advance. Only loss of 1.4560 support would signal a pause in the recent gains and open way for possible stronger correction into 1.4520/1.4450 zone.

    Res: 1.4642, 1.4656, 1.4685, 1.4700
    Sup: 1.4600, 1.4560, 1.4520, 1.4500

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    GBP/USD

    Near-term price action maintains negative tone as recovery attempt from 1.6285, 03 Jun low, stalled at 1.6459, and subsequent reversal tested levels just above 1.6300. However, wider picture bullish outlook remains intact while 1.6285 holds, but clearance of 1.6459 is required to signal higher low and fresh attempt at 1.6546. Otherwise, upside rejection under 1.6459 would suggest further retracement of reversal from 1.6546, and below 1.6300/1.6285, to focus 1.6200/1.6160 zone.

    Res: 1.6406, 1.6459, 1.6494, 1.6546
    Sup: 1.6323, 1.6300, 1.6285, 1.6252

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    USD/JPY

    Trades in a narrow consolidative range after decline from 82.20/81.76 highs tested 80.00 support. Near-term picture remains bearish, with corrective attempts seen capped at 80.70 zone. Loss of 80.00, psychological level, also near Fib 38.2% of 79.32/85.50 upleg, would signal further weakness towards 79.55/79.06 next.

    Res: 80.38, 80.50, 80.70, 81.00
    Sup: 79.96, 79.55, 79.06, 78.82

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    USD/CHF

    Remains under pressure after recovery attempt from fresh historical low at 0.8326 was capped at 0.8384, followed by fresh weakness. Holding above 0.8326, would keep near-term basing attempt in play, however, break above 0.8400/20 is needed to ease immediate bear pressure. On the downside, loss of 0.8326, would open 0.8300/0.8250 next.

    Res: 0.8362, 0.8384, 0.8400, 0.8420
    Sup: 0.8326, 0.8300, 0.8250, 0.8200

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