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Windsor Brokers - Short Term Technical Analysis for Majors (08:10 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Aug 27, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Extended correction from 1.2586, to reach 1.2763 yesterday, just ahead of 1.2770 resistance. However, while 1.2770/90 holds, the latest upleg is seen corrective for fresh weakness to test 1.2586, possibly 1.2522 on a break. Lift above 1.2790 delays and opens 1.2831 instead.

    Res: 1.2770, 1.2790, 1.2831, 1.2880
    Sup: 1.2690, 1.2665, 1.2651, 1.2608

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    GBP/USD

    Bounce off 1.5371, 24 Aug low, stalled at 1.5596 yesterday, just under 1.5610, 38.2% retracement of 1.5997/1.5371 decline, ahead of fresh weakness. Higher low above 1.5438 is required to resume recovery and clearance of 1.5596/1.5610 to open 1.5700 zone for test. Loss of 1.5438, however would signal a continuation of the short term weakness and focus 1.5371.

    Res: 1.5573, 1.5596, 1.5610, 1.5617
    Sup: 1.5482, 1.5460, 1.5438, 1.5400

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    USD/JPY

    Completed a multiday bear configuration to extend the underlying downtrend. 83.58 has been reached so far, ahead of the current corrective bounce which should precede a fresh push lower to test key trendline support at 83.25. Break above 84.89, however, may extend recovery.

    Res: 84.89, 85.11, 85.42, 85.68
    Sup: 84.26, 84.04, 83.58, 83.25

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    USD/CHF

    Extends decline after breaking below 1.0256/46 support zone, with 1.0220 seen so far. Market now focuses 1.1.0182, 15 Jan low, break of which will open way for test of key 1.0130 level, 11 Jan year to day low. Upside, lower ceiling at 1.0317/35 is expected to cap.

    Res: 1.0287, 1.0317, 1.0335, 1.0380
    Sup: 1.0220, 1.0182, 1.0162, 1.0130

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