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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Oct 1, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD

    The single currency starts the week with negative sentiment, as failure to sustain recent recovery and regain initial barrier at 1.2970, resulted in fresh slide under 1.2900, figure support. Weekly close below 1.2900 and extension to 1.2800, with 200 day MA and bull trendline support being penetrated, turns near-term outlook more negative and sees potential for further retracement of 1.2042/1.3170, July/Sep rally. Bounce on oversold hourly conditions, approaching 1.2900 barrier, is for now seen as corrective, as long as initial 1.2970 resistance stays intact. Only break here and psychological 1.3000 would provide relief. On the downside, 1.2820/00 zone offers strong support, break of which to open 1.2740 zone, mid-June highs / Fib 38.2% of 1.2042/1.3170. Daily close below 200 day MA is required to confirm negative near-term stance.

    Res: 1.2880, 1.2900, 1.2926, 1.2958
    Sup: 1.2860, 1.2828, 1.2800, 1.2740

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    GBP/USD

    Cable breaks below near-term consolidative range as renewed attempt towards key 1.6300 barrier failed. Losses accelerated on a break below 1.6200, clearing previous support at 1.6136, to approach psychological 1.6100, also Fib 38.2% of 1.5769/1.6308 ascend. With 1.6200 zone offering good resistance and near-term studies in the negative territory, more focus is seen towards 1.6100 and 1.6077, trendline support initially.

    Res: 1.6162, 1.6181, 1.6200, 1.6216
    Sup: 1.6128, 1.6107, 1.6100, 1.6077

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    USD/JPY

    Last Friday’s strong rally that regained initial 78.00 barrier, provided near-term relief and keeps the pair away from dangerous 77.00 zone. Overnight’s easing to 77.80, where 55 day EMA contained losses, is for now seen as corrective, with improving conditions on 4h chart, seeing potential for further recovery. Clearance of initial barrier at 78.10, last Friday’s high and Fib 38.2% of 79.21/77.42 descend, is required for further extension higher, with 78.31/53, 50% / 61.8%, seen as next targets. However, larger picture still keeps negative tone and as long as key near-term barriers at 79.00/30 zone stay intact, downside remains vulnerable.

    Res: 78.00, 78.10, 78.31, 78.53
    Sup: 77.78, 77.68, 77.42, 77.12

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    USD/CHF

    The pair reverses from session’s fresh high at 0.9436, following brief break above important 0.9400 resistance zone, as hourly studies entered overbought territory. Near-term bulls remain in play while above trendline support at 0.9350, however, weakening hourly studies and loss of bullish momentum, see risk of further weakness, with break below 0.9350 and higher low at 0.9436, to sideline bulls. On the upside, 0.9400/36, offer initial resistance, with break above the latter to resume near-term recovery and open 0.9447 and 0.9482.

    Res: 0.9400, 0.9416, 0.9436, 0.9447
    Sup: 0.9373, 0.9350, 0.9334, 0.9326

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