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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Sep 18, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD

    Near-term price action seems to be running out of steam, as renewed attempt through previous high at 1.3167 and linear regression channel top failed. As the price attempts below near-term base at 1.3080 and hourly studies entering negative territory, formation of doji-star-like pattern on the daily chart would be a signal for stronger retracement of past two-week rally from 1.2500 base. Initial support lies at 1.3050, Fib 38.2% and channel support, ahead of figure support at 1.3000, also 50% retracement of 1.2854/1.3170 ascend. Loss of the latter would put immediate bulls on hold in favor of further reversal into 1.2930/00 support area. Any reversal above 1.3000, however, will keep bulls in play for possible fresh attempt towards 1.3170/1.3200.

    Res: 1.3100, 1.3120, 1.3139, 1.3170
    Sup: 1.3080, 1.3050, 1.3011, 1.3000

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    GBP/USD

    The positive sentiment keeps the upside fully in focus, as the pair posted marginally fresh high at 1.6272 yesterday, en-route to our near-term target and 30 Apr swing top at 1.6300. Consolidation into 1.6230 zone is under way, with still strong momentum on overbought near-term studies, seeing scope for final push towards 1.6300. Previous higher platform at 1.6200, reinforced by 55 day EMA, underpins the action and only break here would delay bulls, in favor stronger correction.

    Res: 1.6235, 1.6255, 1.6279, 1.6300
    Sup: 1.6212, 1.6200, 1.6184, 1.6143

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    USD/JPY

    Corrective rally off 77.12, 13 Sep spike low, keeps near-term bulls in play, as the price action penetrated Fib 61.8% barrier at 78.68, as well as strong resistance zone at 78.80/79.00, with 78.92 seen so far. Corrective easing found a footstep at 78.50, also Fib 23.6%, for possible fresh attack at important 79.00 zone, with lift above 79.13, daily cloud top, to signal further retracement towards the next significant barrier at 79.65. MA’s bullish crossover at 78.20, underpins the action and only break here would sideline immediate bulls.

    Res: 78.80, 78.92, 79.00, 79.13
    Sup: 78.48, 78.23, 78.15, 78.00

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    USD/CHF

    The pair moves in a two-day consolidative sideways mode, holding in a narrow range, just above last Friday’s fresh low at 0.9237. Negative/neutral hourly studies suggest further consolidation, however, oversold conditions on 4h chart, do not rule out some stronger corrective action, with good resistance at 0.9340/50 zone expected to cap for now. Broader bears remain in play for fresh extension lower and test of next supports at 0.9200/0.9180.

    Res: 0.9294, 0.9300, 0.9311, 0.9339
    Sup: 0.9258, 0.9237, 0.9200, 0.9180

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