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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Apr 2, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Holds near-term momentum, despite overnight’s return to last Friday’s closing levels, after gap higher opening today. Regain of hourly 20 day EMA at 1.3340, turn the near-term focus towards the past couple of days range top at 1.3380 zone. Break here is required to resume short-term bulls off 1.3000 base, with lift above 1.3400 barrier to open 1.3434, 0% retracement of med-term 1.4246/1.3000 descend and key resistance at 1.3485, end of Feb double-top. Daily studies remain supportive, as the pair’s weekly close above broken main bear-trendline, sees potential for further gains. Overnight’s low at 1.3330 offers initial support, along with hourly 55 day EMA, ahead of next one at 1.3300 zone, where last Friday’s lows lie, along with main bull trendline, drawn off 1.3000 base. Only loss of higher platform and near-term range floor at 1.3250 zone, would weaken the structure.

    Res: 1.3375, 1.3384, 1.3400, 1.3434
    Sup: 1.3330, 1.3308, 1.3290, 1.3280

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    GBP/USD
    Holds steady after last Friday’s attempt above 1.6000 barrier that peaked at 1.6036 and subsequent pullback being contained at previous support at 1.5980 zone. Improving hourly structure and fresh rally through 1.6000, looks for retest of 1.6036, above which to signal an end of near-term consolidation and open initial targets at 1.6090/1.6100, ahead of more significant levels at 1.6130 and 1.6164, 31 Oct 2011 high / Fib 61.8% of broader 1.6745/1.5233 downleg. Strong support at 1.6000/1.5970 zone is expected to hold the downside, while only break below 1.5920/00 would delay bulls.

    Res: 1.6050, 1.6090, 1.6100, 1.6130
    Sup: 1.6000, 1.5980, 1.5965, 1.5950

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    USD/JPY
    The pair recovers recent losses, after brief break below key short-term support zone at 82.95/85, bottomed 81.82 last Friday and subsequent bounce, along with gap higher today’s opening, regain important barrier at 83.00, hitting 83.29 high. Reversal from here needs to hold above 55 day EMA at 82.75, to keep the near-term structure intact for possible fresh attempt higher and retest of key near-term barriers at 83.30/38, above which to confirm bottom at 81.82 and avert immediate risk of further easing. However, studies on the daily chart remain negative and see risk of fresh weakness, especially if 83.38 stays intact. Break below 81.82, last Friday’s low, to expose Fib 38.2% at 81.05.

    Res: 83.30, 83.38, 83.82, 84.00
    Sup: 82.82, 82.75, 82.50, 82.00

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    USD/CHF
    The downside remains in pressure, as fresh weakness seen overnight and gap lower opening, tested our next downside target at 0.9000. brief bounce higher is so far seen corrective, as hourly studies hold below their midlines and initial barrier at 0.9043, stays intact. Situation on daily chart shows fresh bearish momentum developing, as the price broke below trendline support at 0.9020, with 0.9000 being already dented. This may open way for extension towards 0.8958, Fib 61.8% of larger 0.8566/0.9593 ascend, ahead of key short-term support at 0.8930. Only break above last Thursday’s high at 0.9091 would delay bears.

    Res: 0.9030, 0.9043, 0.9070, 0.9091
    Sup: 0.9015, 0.9000, 0.8950, 0.8930

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