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Short Term Technical Analysis for Majors (07:00 GMT)

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Mar 27, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Eventual break above week-long range ceiling at 1.3290 zone and Fibonacci level at 1.3300, has improved outlook on larger timeframes, as the price cleared interim barriers at 1.3331/55, opening way for test of key resistance at 1.3485, 24/29 Feb double top. Hourly studies in overbought territory, however, see potential for consolidative/corrective action, before bulls resume. Previous resistance at 1.3331, along with 20 day EMA, offers initial support, ahead of more significant 1.3300/1.3280 zone. Only loss of 1.3200 handle would weaken the near-term structure.

    Res: 1.3365, 1.3388, 1.3400, 1.3421
    Sup: 1.3331, 1.3300, 1.3290, 1.3280

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    GBP/USD
    Yesterday’s strong rally from 1.5800 zone, where the pair found support, surged through the recent peaks just above 1.5900 that kept near-term price action limited. Close above 200 day MA and improved studies on larger timeframes, open way for test of key short-term barrier at 1.5991, 29 Feb peak, with price hitting 1.5972, 01 Mar high so far. Hourly studies are extended, with RSI entering overbought zone that may signal corrective action preceding fresh rally. Previous range ceiling at 1.5920/00 zone and 20 day EMA at 1.5890, offer good support and should contain corrective dips.

    Res: 1.5972, 1.5991, 1.6000, 1.6050
    Sup: 1.5922, 1.5908, 1.5890, 1.5880

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    USD/JPY
    Bounce off last Friday’s low at 81.96, stays limited at initial resistance at 83.00, with past two days price action being entrenched within narrow range and moving sideways. Hourly and 4H studies turned neutral, while dailies are still pointing lower. Clear break above 83.00 barrier is required to confirm bottom at 81.96 and resume recovery towards next resistance at 83.50, while break below main bull trendline at 82.43 may risk retest of 81.96 and possible stronger reversal.

    Res: 83.00, 83.15, 83.50, 83.74
    Sup: 82.59, 82.29, 81.95, 81.86

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    USD/CHF
    Remains at the back foot, as short-term bears off 0.9333, 15 Mar peak, finally broke below strong support at 0.9070 zone. Daily studies broke into negative territory, as the price dipped to initial support at 0.9020 so far, just ahead of psychological level at 0.9000 and key short-term support at 0.8930, 24/29 Feb double-bottom. Situation on hourly chart shows studies pointing lower off oversold zone, suggesting corrective bounce, with previous support at 0.9070, now offering strong resistance. Only break above 0.912/35, 55 day EMA / yesterday’s high, would avert immediate downside risk.

    Res: 0.9065, 0.9070, 0.9075, 0.9100
    Sup: 0.9020, 0.9000, 0.8950, 0.8930

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