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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Oct 2, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD

    The Euro holds steady around 1.2900 handle, after regaining ground at psychological 1.2800 support. Yesterday’s rally that hit 1.2937, failed to regain 1.2970 breakpoint, however, possibility of fresh rally exists, as hourly studies keep positive tone and dips being contained just under 1.2900, overnight. Larger picture, from the other side, remains aligned towards the downside, as steady downtrend of corrective pullback off 1.3170, hasn’t ended yet. Near-term price action is now entrenched within 1.2800, where 200 day MA holds the downside for now and important 1.2970/1.3000 barriers that are seen capping for now. Immediate barrier, triangle resistance at 1.2900 that keeps the upside limited for now, comes under pressure, with break here required to open way towards the upper barriers, while loss of session lows at 1.2880 zone, would weaken the near-term tone.

    Res: 1.2916, 1.2937, 1.2958, 1.2970
    Sup: 1.2896, 1.2875, 1.2837, 1.2822


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    GBP/USD

    Cable’s near-term price action moves within 1.6100/75 consolidative range, following sharp fall from 1.6271, last Friday’s rejection that found footstep at psychological 1.6100 level. Near-term studies remain negative, with formation of double-top at 1.6270 zone and price being capped at important 1.6175 barrier, keeping the downside vulnerable. Loss of 1.6100, Fib 38.2% of 1.5769/1.6308 / bull trendline off 1.5489 low, is seen as a trigger for further retracement of 1.5769/1.6308 upleg, with 1.6074, 13 Sep low and 1.6035 zone, 07 Sep high / 50% retracement, seen as next downside target. On the upside, break above 1.6175/1.6200, yesterday’s high / Ichimoku 4h cloud base, is required to improve near-term structure.

    Res: 1.6162, 1.6175, 1.6200, 1.6216
    Sup: 1.6120, 1.6107, 1.6100, 1.6074


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    USD/JPY

    The pair holds near-term positive tone, as rebound from last Friday’s low at 77.42, extends gains and briefly breaks above previous high at 78.10, after corrective dip found support at 78.80. As 4h chart studies break above midlines, prospect for further recovery still exists, with 78.31/53, Fib 38.2% and 50%, seen as next upside barriers. Only loss of 77.80, would weaken the near-term structure and re-focus recent lows.

    Res: 78.14, 78.31, 78.53, 78.65
    Sup: 78.00, 77.78, 77.68, 77.42


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    USD/CHF

    Near-term bulls off 0.9237, 14 Sep low, come under pressure, as upside rejection at 0.9436, following break above important 0.9400 resistance zone, triggered fresh slide to 0.9350, yesterday’s low. With brief recovery attempt being capped under 0.9400, by 55 day EMA and near-term studies being weak, more focus is seen towards the downside in the near-term Immediate support, bull trendline off 0.9237, is now under pressure, as break here and 0.9350 would be a trigger for fresh weakness towards 0.9330 breakpoint. Alternative scenario requires break above 0.9400 to turn near-term focus towards the upside barriers.

    Res: 0.9387, 0.9400, 0.9416, 0.9436
    Sup: 0.9363, 0.9350, 0.9334, 0.9326

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