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Windsor Brokers - Short Term Technical Analysis for Majors (14:20 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jul 12, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Reversal off 1.2721, dented 1.2552 today, ahead of possible attempt at key 1.2479, 06 July higher low. Break here would suggest a lower top and open fresh weakness towards 1.2396/69, 28 Jun high/61.8% retracement of 1.2150/1.2721, to attract a retest of 1.2192/50 near-term. Upside, regain of 1.2648 is required to ease immediate bear pressure and bring test of 1.2721/38 back in play.

    Res: 1.2608, 1.2648, 1.2682, 1.2721
    Sup: 1.2549, 1.2503, 1.2479, 1.2432

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    GBP/USD

    Last weeks break under multi-week trend channel support signaled possible end of the corrective phase off 1.4230, with 1.4947 seen today, ahead of bounce. This is now attempting through 1.5079, break of which would ease immediate bear pressure and open way towards 1.5126, 61.8% retracement of 1.5239/1.4947 downleg, with break higher to confirm higher low and open 1.5204/39. Early upside rejection, however, brings 1.4871/54 in focus instead.

    Res: 1.5100, 1.5126, 1.5204, 1.5239
    Sup: 1.4947, 1.4937, 1.4871, 1.4854

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    USD/JPY

    Recovery phase off 86.96/87.01 base approached 89.19/21, trendline resistance / 38.2% retracement of 92.87/86.96 decline, ahead of pullback. The first support at 88.56 has been tripped and further weakness focuses 88.25, break of which would suggest a lower top in place, and possible return to 86.96. Holding above 88.25, however, would keep immediate bulls in play for retest of 89.21/50.

    Res: 89.14, 89.21, 89.50, 89.78
    Sup: 88.25, 87.99, 87.62, 87.34

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    USD/CHF

    Has extended recent bear phase to reach 1.0480 so far, just above key 1.0433, 01 Apr low. Recent consolidation could suggest a basing and the latest break above 1.0600 now looks for test of 1.0695, with 1.0675 seen so far. Downside, 1.0550/26 area offers support, and break below the latter would risk return back to 1.0480.

    Res: 1.0675, 1.0695, 1.0749, 1.0765
    Sup: 1.0550, 1.0540, 1.0526, 1.0480

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