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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Aug 30, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD

    The single currency continues to move sideways during the past week, with price action being entrenched within 1.2588 and 1.2464 range. As near-term structure remains weak and repeated upside attempt failed on approach to the range top, more risk is seen towards the downside in the near-term. Violation of key near-term support at 1.2464, to signal double-top pattern., while break above the upper range boundary will trigger fresh bull leg, as a part of one-month uptrend.

    Res: 1.2550, 1.2565, 1.2575, 1.2588
    Sup: 1.2519, 1.2506, 1.2489, 1.2464

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    GBP/USD

    The pair remains supported in the near-term action, as rally 1.5753 low has retraced over 61.8% of 1.5911/1.5753 downleg at 1.5854 yesterday. As the price holds above important 1.5800 handle, with 1.5850/70 resistance zone being cracked, more focus is seen towards the upside. Hourly studies keep neutral/positive mode, but overall near-term picture is still seen fragile, as long as 1.5870 stays intact, with slide below 1.5800 to be a trigger for fresh weakness towards key near-term support at 1.5753.

    Res: 1.5840, 1.5854, 1.5868, 1.5900
    Sup: 1.5820, 1.5800, 1.5784, 1.5775


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    USD/JPY

    The near-term price action remains capped at the upper limits of one-week 78.27/78.83 range, with the pair moving in a sideways mode. Neutral near-term and larger picture studies see potential for more directionless movements, with break of either extreme points required to define fresh direction. On the upside, key barriers lie at 78.80, range top; 79.00, figure resistance and Ichimoku cloud base and 78.25, 200 day MA, break of which to attract further gains. Alternative scenario see violation of initial 78.44/27 supports as a trigger for retest of key short-term supports at 78.00 and 77.65.

    Res: 78.80, 78.83, 78.96, 79.12
    Sup: 78.59, 78.44, 78.35, 78.27

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    USD/CHF

    Continues to consolidate the recent losses that bottomed at 0.9537, with recovery attempt being capped just under 0.9600 barrier at 50% retracement of 0.9634/0.9537 downleg and 20 day EMA. With near-term structure still weak and initial barriers at 0.9600/34 intact, the downside remains vulnerable, as larger picture bears remain in play. Slide below 0.9550/37 to spark fresh leg lower and expose 0.9500 and 0.9461, while only break above trendline resistance at 0.9700 would improve short-term structure and avert the downside risk.

    Res: 0.9600, 0.9634, 0.9655, 0.9679
    Sup: 0.9560, 0.9537, 0.9500, 0.9461

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