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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 18, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Bounce off 1.2872 initially failed on attempt at key short-term resistance at 1.35, stalling at 1.3457. Corrective pullback is so far supported by 1.3240/00 zone and fresh strength required to clear 1.3457/1.35, to signal fresh recovery phase towards 1.3784. Failure under 1.35, however, would suggest an extension of one month bear channel and keep focus at 1.2872 Jan low.

    Res: 1.3366, 1.3384, 1.3400, 1.3431
    Sup: 1.3302, 1.3252, 1.3243, 1.3235

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    GBP/USD
    Continues to trend higher, following break above key resistance at 1.5910. This confirms higher low at 1.5343 and turns immediate focus is 1.6080/90 zone , though, daily studies are approaching overbought zone, and suggesting correction. Immediate support lies at 1.5830/00 area, with possible further reversal expected to reverse at 1.5780/50 zone.

    Res: 1.6000, 1.6080, 1.6095, 1.6152
    Sup: 1.5885, 1.5868, 1.5834, 1.5809

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    USD/JPY
    Upside rejection at 83.67 and reversal of nearly 50% of 80.92/83.67 upleg suggests near-term top, ahead of further extension lower, with break below 82.30 to look for test of 82.00/81.65 zone, and possible return to 80.92, key short-term support. Upside, regain of 83.00 is needed to improve the tone for 83.45 and 83.67 retest.

    Res: 82.79, 83.05, 83.14, 83.45
    Sup: 82.34, 82.27, 82.00, 81.67

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    USD/CHF
    Break below the latest consolidation floor at 0.9594, following an upside rejection at 0.9782, now suggests further reversal. Market has so far reached 0.9555, just above 50% retracement of 0.9301/0.9782 upleg, and break here to focus 0.9486, 61.8% next, loss of which would signal an end of corrective phase off 0.9301. Early downside rejection, however, would suggest higher low, though regain of 0.9685/0.9705 zone is required to confirm.

    Res: 0.9600, 0.9630, 0.9685, 0.9705
    Sup: 0.9555, 0.9540, 0.9515, 0.9486

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