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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Sep 27, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD

    The Euro enters near-term corrective action after bears find temporary support at 1.2834, just above 200 day MA at 1.2824. As gains were limited by 20 day EMA at 1.2900 zone, with indicators on lower timeframes still holding in the negative territory, not much of recovery to be expected, unless break above trendline resistance at 1.2924, also near Fib 38.2% of 1.3047/1.2834 occurs. Regain of key near-term barrier at 1.2970, 25 Sep high / Fib 61.8%, is required to signal near-term bottom and provide relief. Conversely, any reversal below here would signal a lower top and fresh leg lower, with near-term targets at 1.2824, 200 day MA and 1.2780, bull trendline off 1.2254 being in focus.

    Res: 1.2900, 1.2911, 1.2924, 1.2940
    Sup: 1.2865, 1.2834, 1.2824, 1.2800

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    GBP/USD

    Cable finds near-term support at 1.6136, as subsequent bounce regains initial 1.6200 barrier. Improved hourly conditions see scope for fresh recovery, however, clearance of 1.6220/30 breakpoint, trendline resistance and 50% of 1.6308/1.6136, is required to confirm recovery and turn near-term focus higher. Otherwise, risk of lower top and fresh weakness will exist, as 4h chart studies remain weak.

    Res: 1.6204, 1.6222, 1.6231, 1.6265
    Sup: 1.6175, 1.6148, 1.6136, 1.6100

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    USD/JPY

    The pair’s near-term structure remains weak, despite bounce of yesterday’s low at 77.58, provided temporary relief, with gains being capped at initial 77.90 barrier. Overall negative sentiment does not see much potential for stronger recovery, unless clear break above 78.00 occurs. On the downside, loss of 77.58 support, will focus our near-term targets at 77.12/00.

    Res: 77.75, 77.90, 78.00, 78.27
    Sup: 77.62, 77.58, 77.45, 77.12

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    USD/CHF

    The pair eases lower following attack and brief break above important 0.9400 zone. As expected, the barrier proved to be tough for the first attempt break. Dips have so bar been contained at 0.9360 zone, 20 day EMA, however, weakening hourly studies do not rule out further extension, with reversal ideally to occur above .0.9326, 25 Sep higher low, otherwise, near-term bulls would be delayed in favor of stronger correction.


    Res: 0.9400, 0.9416, 0.9432, 0.9447
    Sup: 0.9379, 0.9360, 0.9340, 0.9326

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