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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Apr 24, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Returns to 1.3150, previous support, after reversal from Friday’s peak at 1.3223, found support at 1.3100 zone, also 50% retracement of 1.2993/1.3223 upleg. Overnight’s trading was moving within very narrow range and in a sideways mode. Fresh momentum on hourly chart sees potential for break higher, as price holds above hourly 20/55 day EMA’s, with immediate resistance at 1.3170 zone, previous highs / Fib 61.8% of the latest fall, break of which to confirm higher low and re-focus key near-term hurdle at 1.3223. Still weak picture on a daily chart sees 1.3200/23 zone as strong barriers, as the price action remains trapped between 55 day MA on the upside and 90 day MA on the downside, currently at 1.3200 and 1.3113, respectively.

    Res: 1.3170, 1.3180, 1.3200, 1.3223
    Sup: 1.3144, 1.3100, 1.3068, 1.3056

    [​IMG]


    GBP/USD
    Near-term price action holds neutral tone, as the pair continues to consolidate under last Friday’s high at 1.6142, with downside being protected at 1.6075, yesterday’s low. Extended studies on 4-hour chart, reduce possibilities of break higher, with risk seen for stronger correction, in case initial support zone at 1.6075/61, gives way. Significant supports lie at 1.6010 zone, 19 Apr low / Fib 38.2% of 1.5817/1.6142 / 55 day EMA. On the upside, clearance of 1.6142, opens very strong barrier at 1.6164, 31 Oct 2011 high / Fib 61.8% of 1.6745/1.5233 longer-term descend, for test.

    Res: 1.6126, 1.6142, 1.6164, 1.6200
    Sup: 1.6075, 1.6061, 1.6020, 1.6008

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    USD/JPY
    Continues to trend lower after recovery rally from 80.28 was capped just under bear-trendline from 84.08. Loss of 81.00 handle has so far tested 80.85, Fib 61.8% of 80.28/81.77 rally, with negative near-term outlook, keeping the downside favored for now. Immediate target lies at 80.57, ahead of key short-term support at 80.28, loss of which would signal an extension of broader reversal from 84.17, 15 Mar annual high and open next targets at 80.00 and 79.52. Strong hourly resistance lies at 81.20, overnight’s high / 55 day EMA and only lift above here would avert immediate downside risk. However, regain of 81.67/77, trendline resistance / 20 Apr high, provides relief.

    Res: 81.00, 81.25, 81.40, 81.67
    Sup: 80.85, 80.57, 80.28, 80.09

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    USD/CHF
    Maintains negative short-term tone off 0.9250 peak, following yesterday’s false break above main bear-trendline, drawn off 0.9250. Reversal under the trendline and break below overnight’s range floor at 0.9130, risks retest of key short-term support zone at 0.9100/0.9080, lows of 12 and 20 Apr, as well as Fib 61.8% of 0.9000/0.9250 upleg. Break here to open way for fresh leg lower and expose 0.9000. Initial resistance lies at 0.9140, while only break above 0.9170, yesterday’s high, would improve the short-term structure.

    Res: 0.9140, 0.9150, 0.9170, 0.9187
    Sup: 0.9113, 0.9100, 0.9090, 0.9084

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