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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 13, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Yesterday’s higher low at 1.2960 and clearance of previous high at 1.3044 has triggered fresh gains to 1.3143 so far, extending the corrective upleg from 1.2873 to near 50% retracement of 1.3431/1.2873 decline. Correction on overbought hourly conditions should reverse at 1.3040/20 zone, before fresh push higher. Key near-term resistance lies at 1.3217, 61.8% retracement , break of which would re-focus 1.3431.

    Res: 1.3143, 1.3191, 1.3217, 1.3289
    Sup: 1.3088, 1.3055, 1.3014, 1.2988

    [​IMG]




    GBP/USD
    Maintains near-term uptrend from 1.5343. Clearance of 1.5659 resistance has sparked fresh gains to 1.5782 thus far, with focus now on key lower top at 1.5910. Break of the latter will confirm short-term bottom at 1.5343 and open way towards 1.60/1.61 zone. Failure under 1.5910, however, would signal a resumption of broader downtrend from 1.6297 peak.

    Res: 1.5782, 1.5812, 1.5861, 1.5910
    Sup: 1.5732, 1.5680, 1.5644, 1.5581

    [​IMG]



    USD/JPY
    Continues to trade within narrow consolidative range after strong bounce off 80.92 low peaked at 83.67. Immediate scope remains for further recovery and possible retest of key short-term resistance zone at 84.38/49, to confirm higher low at 80.92 and continue correction from 80.24, 2010 bottom. Support at 82.67, range bottom, is expected to hold, though, further reversal towards 82.30 is not ruled out. Only loss of 82.00 would delay and turn focus lower.

    Res: 83.48, 83.67, 83.90, 84.19
    Sup: 82.80, 82.67, 82.62, 82.30

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    USD/CHF
    Has recovered over 61.8% of 1.0064/0.9301 decline at 0.9782 on 11 Jan, ahead of pullback. Temporary support was found at 0.9659, with fresh push higher attempting at 0.9782. Break here to resume the near-term uptrend and open 0.9849/82 next. Immediate support at 0.9659, while loss of 0.9594 delays for 0.9540/11. Downside loss of 0.9483, 61.8% of 0.9301/0.9782 upleg returns focus back to 0.9301.

    Res: 0.9754, 0.9782, 0.9815, 0.9850
    Sup: 0.9659, 0.9627, 0.9594, 0.9540

    [​IMG]
     
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