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

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

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Comes under pressure again in early hours of Europe, as corrective/consolidative action off yesterday’s fresh low at 1.2067 failed to cover the gap, staying capped at 1.2140 zone. As hourly indicators started to point lower and price moves below 20 day EMA, immediate risk is seen on a break below 1.2100 that would open 1.2067 for retest, with possible continuation of bear-trend to test our target at 1.2000. Recovery above 1.2150/80 zone, however, would signal stronger correction, with 1.2200, 50% of 1.2322/1.2067 and 1.2228, 19 July low, to come in focus.

    Res: 1.2143, 1.2155, 1.2180, 1.2200
    Sup: 1.2100, 1.2067, 1.2050, 1.2040

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    GBP/USD
    The pair undergoes near-term corrective/consolidative action, following two day slide that briefly broke below 1.5500, psychological support, yesterday. Not much upside action has been shown so far, as short-term structure maintains bearish tone and descending 20 day EMA limits the upside at 1.5530 zone. Regain of minimum 1.5550/80 is required to avert immediate downside risk that sees scope for test of 1.5460, 06 July a low and 1.5420, trendline support, ahead of more significant 1.5400 zone.

    Res: 1.5534, 1.5552, 1.5580, 1.5600
    Sup: 1.5500, 1.5484, 1.5460, 1.5420

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    USD/JPY
    USD/JPY regained some ground off fresh low at 77.93, posted yesterday, but gains were so far capped by descending 55 day EMA at 78.45, well below 78.80 and more significant 79.00 barrier, reinforced by 200 day SMA. Holding above 78.00 handle, would signal further range-trade, however, negative tone that dominates on lower timeframes, keeps focus at the downside, with 77.65 seen as short-term target.

    Res: 78.33, 78.45, 78.79, 79.00
    Sup: 78.15, 78.00, 77.93, 77.65

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    USD/CHF
    Near-term consolidation off yesterday’s high at 0.9950, Fib 61.8% of larger 1.1730/0.7067 descend, holds at 0.9900 zone, initial support, with hourly studies being in positive /neutral mode, as lack of momentum, keeps the near-term price action under 0.9950. Overall bullish tone keeps the upside favored, with clearance of 0.9950 to open parity level next. However, further reversal under 0.9875, last week’s close / 13 July previous high and Fib 38.2% of 0.9745/0.9950 upleg, would signal stronger correction.

    Res: 0.9922, 0.9950, 1.0000, 1.0046
    Sup: 0.9887, 0.9875, 0.9851, 0.9823

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