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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Jun 14, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Remains in a near-term range that was interrupted by brief break to 1.2667 on Monday. Hourly structure is still positive, with 20 day EMA holding the downside during the overnight session, however, yesterday’s upside rejection at 1.2609 and this morning’s failure at 1.2587, see risk of retesting strong support zone at 1.2550/40, where also Fib 38.2% of 1.2455/1.2609 upleg and near-term bull trendline off 1.2455, 12 June low lie. Break here would weaken the near-term structure and allow for further slide towards Fibonacci supports at 1.2525 and 1.2505, with loss of the latter seen bearish. Studies on the daily chart have regained some momentum, however, yesterday’s gains were capped by descending trendline, connecting 1.3282 and 1.2667 peaks that may be a signal for fresh weakness ahead. Break above week’s high and Fib 38.2% of 1.3282/1.2287 descend at 1.2667 is required to confirm short-term bulls and trigger stronger recovery.

    Res: 1.2587, 1.2600, 1.2609, 1.2667
    Sup: 1.2550, 1.2540, 1.2525, 1.2500

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    GBP/USD
    Came under pressure after renewed attempt higher stalled at strong barrier at 1.5600, where descending daily 20 day MA capped gains.. The third wave off yesterday’s peak at 1.5597, broke below bull trendline at 1.5500 that sparked fresh sell-off, with test of Fib 38.2% at 1.3470 seen so far. As hourly studies broke into negative territory, further weakness is likely, with next barriers at 1.5452, 12 June low and more significant 1.5400, 08 June low, loss of which to confirm top at 1.5600 and open 1.5320/00 next. On the upside, today’s high at 1.5530, offers initial resistance, together with 20 day EMA, while only lift above bear-trendline, connecting 1.5600 and 1.5581 peaks, would turn focus higher.

    Res: 1.5500, 1.5530, 1.5566, 1.5581
    Sup: 1.5470, 1.5450, 1.5432, 1.5400

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    USD/JPY
    The dollar came under pressure again on negative fundamentals, keeping the upside target at 80.00 intact for now. However, Short term positive tone still exists, as long as higher base at 79.10 zone holds, with initial support at 79.30, 55 day EMA. Negative tone that dominates on hourly chart and descending 4H chart studies attempting at their midlines, see risk of further easing. Key supports lie at 79.00 and 78.70, 200 day MA, below which, larger picture’s bears off 84.17, yearly high, will take control. Overnight’s high at 79.47 offers initial resistance, ahead of recent range ceiling at 79.80 zone that capped the past few day price action.

    Res: 79.50, 79.81, 80.00, 80.13
    Sup: 79.30, 79.16, 79.10, 79.00

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    USD/CHF
    Maintains negative near-term tone, as reversal from 0.9650, 12 June high, broke below Fibonacci 61.8% support at 0.9543, to hit 0.9520 so far. Brief corrective action was so far capped by 20 day EMA on hourly chart, with indicators holding below their midlines and keeping the downside vulnerable. Break below 0.9520/00 breakpoint will be a trigger for further extension of short-term reversal from 0.9769 peak, with 0.9400 and 0.9366 expected to come in short-term focus. Loss of bullish momentum on a daily chart, sees potential for further retracement of 0.9041/0.9761 upleg.

    Res: 0.9567, 0.9593, 0.9600, 0.9626
    Sup: 0.9543, 0.9527, 0.9512, 0.9500

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