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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Sep 26, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD

    The Euro remains at the back foot, as overnight’s price action steadies below 1.2900 handle. With yesterday’s corrective bounce being capped at initial 1.2970 barrier and pivotal 1.3000 point staying out of reach, more downside pressure is seen in the near-term. Negative tone on near-term studies, accompanied with widening Bollingers, focuses 1.2835/25, 50% retracement of 1.2500/1.3170 / 200 day MA and 1.2800/ broken bear-trendline / round figure support. Daily indicators in descending mode, confirm the negative outlook. Initial resistance lies at 1.2900, with yesterday’s high at 1.2970, also 20/55 day EMA’s bearish crossover, expected to cap.

    Res: 1.2886, 1.2900, 1.2911, 1.2952
    Sup: 1.2854, 1.2835, 1.2826, 1.2800

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    GBP/USD

    The near-term outlook turns more negative, as the price loses ground, with lower boundaries of recent consolidation, coming under pressure. As hourly studies moved well into the negative territory and initial support at 1.6162 being dented, clear break here, also marking the neckline of H&S pattern, shown on 4h chart, would be a trigger for stronger corrective action. Immediate downside targets lie at 1.6130, 12 Sep high and 1.6100, round figure / Fib 38.2% of 1.5769/1.6308 upleg / 4f Ichimoku cloud base. Figure resistance at 1.6200 comes first, while only regain of 1.6265, yesterday’s highs, would improve near-term structure.

    Res: 1.6181, 1.6200, 1.6242, 1.6265
    Sup: 1.6148, 1.6130, 1.6100, 1.6074

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    USD/JPY

    Fresh consolidative phase at 77.70 zone, followed recent break below strong 78.00 support. Hourly structure is in negative/neutral mode, while larger picture’s bears remain in play, with 20 day EMA on 4h chart, maintain downtrend at 78.00 zone. Initial targets remain at 77.12/00, with minor correction seen capped at 78.60 area. Key barriers lie at 79.00/30 zone.

    Res: 77.80, 78.00, 78.27, 78.36
    Sup: 77.65, 77.45, 77.12, 77.00

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    USD/CHF

    The pair extends near-term recovery off 0.9237 low, following 0.9390/26 corrective phase, attacking important 0.9400 resistance zone. A cluster of barriers, starting from figure resistance, 200 day MA via 50% retracement (0.9407) and previous high (0.9416), seen as pivotal point for further retracement of larger retracement, with 0.9447 (Fib 61.8%) and 0.9500, seen on a break. Initial support lies at 0.9350 zone, while only break below 0.9326, would weaken near-term tone.

    Res: 0.9400, 0.9407, 0.9416, 0.9432
    Sup: 0.9377, 0.9366, 0.9354, 0.9340

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