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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Apr 12, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Continues to trade within 1.3050/1.3150 range, with near-term price action moving towards the upper side of the range. Hourly studies keep slightly positive tone, with 4H chart studies improving. Break above strong barrier at 1.3165, where 55 day EMA limits the near-term recovery off 1.3032, is required to trigger fresh gains for test of next significant resistance zone at 1.3200/20, where 55/90 day MA’s and trendline resistance lie. Daily studies, still in the negative territory, keep the downside pressured with critical supports at 1.3000/1.2973, broader range floor, remaining in focus, as long as 1.3200 zone caps.

    Res: 1.3156, 1.3163, 1.3191, 1.3200
    Sup: 1.3105, 1.3092, 1.3065, 1.3050

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    GBP/USD
    Near-term corrective phase off 1.5800 base, remains limited at 1.5930 zone, 50% retracement of 1.6061/1.5800 downleg, so far. Current test of range ceiling is supported with positive hourly/4H studies, with break higher to avert downside risk and open way towards 1.6000 zone. Loss of 1.5800 platform, however, would bring bears back in play.

    Res: 1.5937, 1.5964, 1.6000, 1.6045
    Sup: 1.5910, 1.5885, 1.5850, 1.5834

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    USD/JPY
    Not much action seen after the pair tested our target at 80.57, as near-tern corrective bounce holds at 81.00 zone. Immediate barrier lies at 81.20 and with improving hourly studies, stronger correction through 81.20 towards 81.85/82.00 is not ruled out. However, negative outlook on larger timeframes keeps the downside favored, with 80.00 zone seen as next target, after 80.57 is cleared.

    Res: 81.00, 81.20, 81.66, 81.85
    Sup: 80.61, 80.43, 80.09, 80.00

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    USD/CHF
    The pair trades in a neutral mode during the past few days, after the upside was capped at 0.9221. As studies on 4H chart are entering negative territory and brief break below range floor and 55 day EMA at 0.9144, keeps the downside vulnerable. Immediate downside targets lie at 0.9127, yesterday’s low, ahead of 0.9112 50% retracement, while loss of 0.9100 handle would confirm lower top at 0.9221 and re-focus 0.9000 base. On the upside, 0.9180/0.9200 offer good resistance and regain of these levels is required to bring bulls back in play.


    Res: 0.9162, 0.9180, 0.9193, 0.9209
    Sup: 0.9141, 0.9127, 0.9100, 0.9090

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