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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 19, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Renewed strength from 1.3243/52, 17/18 Jan higher lows attempts at key short-term resistance at 1.35, hitting fresh monthly high at 1.3503 so far. Sustained break here to signal fresh phase higher and open way towards 1.3573, 50% retracement of 1.4280/1.2872 decline and 1.3632, 23 Nov 10 high, next. Downside, 1.3263/43 offers strong support and expected to contain corrective pullbacks for now.

    Res: 1.3503, 1.3530, 1.3573, 1.3632
    Sup: 1.3460, 1.3355, 1.3313, 1.3302

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    GBP/USD
    Extension of the uptrend from 1.5404 after break through 1.5910 resistance, peaked at 1.6058 yesterday. Corrective pullback found support at 1.5931, with renewed strength looking for break of 1.6058 to test 1.6080/90 zone next. Above here opens 1.6183 and longer-term trendline resistance at 1.6237. Downside, 1.58 area is expected to contain pullbacks.

    Res: 1.6058, 1.6080, 1.6095, 1.6152
    Sup: 1.5953, 1.5931, 1.5885, 1.5834

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    USD/JPY
    Continues to channel lower following an upside rejection at 83.67. Succession of lower highs keeps the downside in focus. Yesterday’s break below 82.32 low looking for test of 81.97, 61.8% retracement of 80.92/83.67 ascend, loss of which would open 81.67, possibly 80.92 on a break. Immediate resistance at 82.80/83.05 must be cleared to improve the near-term tone.

    Res: 82.32, 82.79, 83.05, 83.14
    Sup: 82.00, 81.67, 81.27, 80.92

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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 0.9549, 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, 0.9654, 0.9685, 0.9705
    Sup: 0.9555, 0.9540, 0.9515, 0.9486

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