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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 6, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Underlying bull-trend remains intact as reversal from 1.3710 found support at 1.3458 yesterday, ahead of more significant supports at 1.3430, daily 20 day EMA and 1.3400, previous tops. Subsequent bounce to 1.3600 barrier that retraced over 50% of 1.3710/1.3458 downleg, regained some bullish momentum, with break above 1.3600, required to maintain positive sentiment. Otherwise the downside will remain vulnerable, with immediate support at 1.3500 and risk seen on a break here to expose 1.3458, below which would complete the failure swing and open way for deeper pullback.

    Res: 1.3595, 1.3614, 1.3635, 1.3651
    Sup: 1.3523, 1.3500, 1.3458, 1.3430

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    GBP/USD

    Cable continues to trend lower after basing attempt at 1.5673/84 failed and break lower tested next target at 1.5634, 16 Aug low, ahead of psychological 1.5600 level. Yesterday’s outside day confirms negative structure and keeps the downside favored, as lower timeframe studies maintain bearish tone and keep immediate focus at 1.5600, also Fib 100% expansion of the wave from 1.5804, as break below 1.5600 is expected to open 1.5530, Fib 76.4% of 1.5267/1.6380 rally. Corrective attempts have so far been capped by descending 10 day EMA and ahead of strong resistances at 1.5673/84

    Res: 1.5665, 1.5673, 1.5684, 1.5700
    Sup: 1.5629, 1.5600, 1.5550, 1.5530


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    USD/JPY

    Bulls remain fully in play, despite overextended larger picture studies, with the pair continuing its steady rise by posting fresh 33-month high at psychological 94.00 barrier. This opens way towards the next target and key med-term barrier at 94.97, May 2010 high, regain of which to confirm full retracement of 2010/2011 descend and confirm base at 75 zone, lows of 2011. Any reversal should ideally hold above 92.00 handle, to keep the structure intact.

    Res: 94.00, 94.50, 94.97, 95.72
    Sup: 93.50, 93.17, 93.00, 92.76


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    USD/CHF

    The near-term structure shows signs of improvement, as the price attempts above one-week consolidation top at 0.9120. Fresh bullish momentum rises hopes of stronger recovery, with clearance of 0.9150/60, 55 day EMA / Fib 38.2% of 0.9387/0.9020, required to confirm and open 0.9200, round figure / 50% retracement. However, larger picture maintains bearish tone and keeps the downside favored, as long as 0.9300, daily Ichimoku cloud top stays intact.

    Res: 0.9150, 0.9160, 0.9191, 0.9220
    Sup: 0.9120, 0.9100, 0.9074, 0.9020

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