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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Oct 4, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD

    The Euro remains directionless, moving within narrowed 1.2875/1.2940 range, awaiting today’s data. Larger range top at 1.2870, along with psychological 1.3000 barrier, also 4h Ichimoku cloud top, is seen as an upside trigger for fresh bulls. Otherwise, loss of range floor and trendline support at 1.2875 would expose more significant 1.2820, 200 day MA and 1.2800, 01 Oct low, with break of either side, to define near-term direction.

    Res: 1.2938, 1.2966, 1.2970, 1.3000
    Sup: 1.2900, 1.2886, 1.2875, 1.2865

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    GBP/USD

    The pair remain under pressure, following break below 1.6125/00 bull trendline /near-term base and psychological support, that triggered fresh losses to 1.6066, breaking below our initial target at 1.6074, 13 Sep low. As recovery bounce stays capped at 1.6100 for now and near-term studies holding in the negative territory, fresh losses could be anticipated, 1.6160/75 pivotal zone stays intact. Main downside targets lie at 1.6035/00 zone, 07 Sep high / 50% retracement of 1.5769/1.6308 / round figure support.

    Res: 1.6105, 1.6125, 1.6141, 1.6175
    Sup: 1.6083, 1.6066, 1.6035, 1.6000

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    USD/JPY

    Regain of important 78.50 barrier and yesterday’s close at this level, signals further extension of near-term rally, as the pair rallied to a fresh session high at 78.71 overnight. Positive sentiment keeps the upside favored, with key barriers at 79.00, psychological and 79.21/30, 19 Sep high / daily Ichimoku cloud top / 200 day MA, coming in near-term focus. However, gain s may be interrupted by corrective pullback, as near-term indicators enter overbought zone. Any dips should ideally be contained at 78.40/30 zone, while only loss of psychological 78.00 support and 02 Oct low, would soften the structure.

    Res: 78.71, 78.78, 79.00, 79.21
    Sup: 78.41, 78.29, 78.10, 78.00

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    USD/CHF

    Near-term price action remains capped by 0.9400 barrier, round figure and 200 day MA, with choppy trading within narrowed 0.9365/90 range, sees the near-term action in a directionless mode. As the price holds below main bull-trendline off 0.9237 low, has already been dented and yesterday’s close occurred below 0.9400, further weakness looks more likely. Loss of 0.9330 higher base is required t confirm bearish stance.. Conversely, lift above initial 0.9400 barrier, is seen as spark for fresh rally and possible test of 0.9436, 01 Oct fresh 3-week high.

    Res: 0.9390, 0.9400, 0.9416, 0.9436
    Sup: 0.9366, 0.9353, 0.9331, 0.9326

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