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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, May 31, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    The Euro continues to travel south, as concerns about Eurozone crisis rise. Negative sentiment drives the pair lower, with 1.2000 zone coming in focus. Loss of near-term base at 1.2500 has triggered fresh weakness, with yesterday’s break below the next round figure support at 1.2400, extending losses to 1.2356, fresh 2-year low so far, en-route to 1.2150, low of June 2010, our next target. Any corrective action would be triggered by overextended studies, with strong barriers at 1.2500 and 1.2600 zone, expected to cap for now, with interim minor resistances at 1.2400 and 1.2460/80.

    Res: 1.2400, 1.2422, 1.2460, 1.2480
    Sup: 1.2356, 1.2350, 1.2300, 1.2250

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    GBP/USD
    The pair accelerated losses after break below 1.5640/00, the last significant hurdle on its way down, towards 1.5233, 2012 low, posted on 13 Jan. Minor supports at 1.5530/00 have been also cleared, as negative sentiment increases. With near-term studies deeply in the negative territory, some corrective action may be seen, preceding fresh weakness. Previous supports at 1.5500/30, now offer initial barrier, while any stronger bounce should find strong resistance at 1.5600/40 zone.

    Res: 1.5500, 1.5530, 1.5600, 1.5640
    Sup: 1.5461, 1.5400, 1.5350, 1.5300

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    USD/JPY
    The pair has lost ground after near-term recovery attempt failure and returned to a broader downtrend, after breaking below main bear-trendline off 84.08 and key near-term support at 79.00. Fresh weakness is approaching our next downside barrier at 78.60, 200 day MA, below which to focus 78.30, Feb’s range top and 78.00, round figure support. With hourly indicators at extreme points, corrective movements are seen in the near-term. Previous support and today’s high at 79.00/12, now act as initial resistance, while only regain of 79.40/60 zone would provide relief.

    Res: 79.00, 79.12, 79.20, 79.60
    Sup: 78.70, 78.60, 78.30, 78.00

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    USD/CHF
    The near-term rally accelerated on a break above strong barrier at 0.9600 and extended through 0.9700, weekly 150 day MA, posting fresh high at 0.9718, during the Asian session. Bulls remain firmly in play, with corrective pullback on overbought near-term studies, under way. Immediate support lies at 0.9675, ahead of minor ones at 0.9640/20 zone and key near-term support at 0.9600, also near Fib 38.2% of 0.9366/0.9718 rally and should contain any stronger reversal. On the upside, return to the levels above 0.9700 to focus 0.9743/73, ahead of 0.9800, figure resistance.

    Res: 0.9700, 0.9718, 0.9743, 0.9773
    Sup: 0.9675, 0.9636, 0.9622, 0.9600

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