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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 20, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Failed to hold gains following yesterday’s break above 1.35, key short-term resistance, with immediate pullback extending to 1.3423, 38.2% retracement of the latest 1.3252/1.3537 rally. Holding below 1.35, however, maintains the negative tone off 1.3784 lower high and increases risk of further decline towards 1.3357 and 1.3252/43 higher platform. Clear break above 1.35 is required to continue near-term bulls and open 1.3632 next.

    Res: 1.3486, 1.3508, 1.3537, 1.3573
    Sup: 1.3423, 1.3355, 1.3252, 1.3243

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    GBP/USD
    Underwent narrow corrective/consolidation phase after peaking at 1.6058 on 18 Jan and yesterday’s upside failure at 1.6035.. Holding above 1.5910 keeps short-term bulls in play, with fresh attempt at/ through 1.6058 to extend gains towards 1.6083/93 zone next. Loss of 1.5910 would weaken the near-term structure, while break below 1.5810/1.5760, higher low, 60 day MA would signal current bulls on hold in favor of stronger reversal.

    Res: 1.6000, 1.6035, 1.6058, 1.6080
    Sup: 1.5908, 1.5868, 1.5806, 1.5729


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    USD/JPY
    Latest weakness from 83.67, 07 Jan peak, broke below key near-term support at 82.00, 61.8% Fibonacci retracement of 80.92/83.67 upleg. This confirms 83.67 as lower high of the broader downtrend from 84.49 and looks for downside test of 81.67 and 80.92, break of which will focus key 80.24 multiyear low. At the upside, 82.80/83.05 offers strong resistance and break here to improve near-term negative tone.

    Res: 82.30, 82.79, 83.05, 83.14
    Sup: 81.86, 81.67, 81.27, 80.92

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    USD/CHF
    Extends reversal following the upside failure of the recent recovery attempt from 0.9301 at 0.9782. Over 50% has so far been retraced at 0.9518, with 0.9487, 61.8 Fibonacci retracement, marking the key support, break of which would signal an end of recovery and re-focus 0.9306/01 historical lows. Rejection above 0.9487, however, keeps recovery in play, but regain of 0.9631/54 is needed to signal fresh strength.

    Res: 0.9576, 0.9631, 0.9654, 0.9685
    Sup: 0.9518, 0.9487, 0.9462, 0.9412

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