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

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Accelerated losses after breaking through 1.3085, 200 day MA and 1.3054, 23 Dec 10 higher low to test 1.2968 pivot. Hourly studies remain bearish but oversold and correction higher would precede fresh weakness. Immediate resistance at 1.3080/1.3130. Break below 1.2968, however, will confirm the end of five-week corrective phase and continue downtrend from 1.4280. Next target lies at 1.2916.

    Res: 1.3021, 1.3054, 1.3080, 1.3130
    Sup: 1.2968, 1.2948, 1.2916, 1.2891

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    GBP/USD
    Break below near-term supports at 1.5445/33 and attempt through 1.5413, 200 day MA, weakness from 1.5552 and turns focus towards 1.5343, key near-term support, break of which will look for retest of 1.5295, 07 Sep 10 pivot, with possible break here to open way for further retracement of upleg from 1.4230, 20 May 10 low. Corrective bounces so far limited by 1.5552/62, and only break here would improve the near-term outlook.

    Res: 1.5472, 1.5500, 1.5552, 1.5562
    Sup: 1.5432, 1.5404, 1.5365, 1.5343

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    USD/JPY
    Shallow correction followed sharply rally that peaked at 83.38 yesterday, with fresh strength emerging from 82.87 higher low. Clearance of 83.38 looks for test of 83.90 and 84.19, ahead of final thrust towards key 84.34/49 resistance zone, break of which is needed to resume recovery off 80.24. 82.87 offers initial support, ahead of 82.55, 38.1% Fibonacci retracement of 80.92/83.55 ascend. Only break below 82.00 would sideline near-term bulls.

    Res: 83.90, 84.19, 84.35, 84.49
    Sup: 83.22, 82.87, 82.55, 82.27

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    USD/CHF
    Extended the recent strength from 0.9301 historical low, to peak at 0.9706, ahead of correction. Support was so far found at 0.9608, which also marks 23.6% of 0.9301/0.9706 upleg, and holding above here keeps immediate bulls in play fro fresh push higher and through 0.9706 to open 0.9720/30 area, then 0.9770, 61.8% Fibonacci retracement of 1.0064/0.9301. Break below 0.9500, however, would question bulls.


    Res: 0.9664, 0.9706, 0.9720, 0.9730
    Sup: 0.9623, 0.9608, 0.9551, 0.9515

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