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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Oct 11, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    [EUR/USD

    The Euro dipped to a fresh low at 1.2825, just ahead of 200 day MA, following yesterday’s rejection at 1.2900. Overall negative tone, with additional pressure seen on a break below 1.2500/1.2802 bull trendline keeps near-term focus at key 1.2820/00 support zone, below which is expected to spark fresh weakness towards 1.2745/00. Corrective action is not ruled out as 1.2800 zone offers strong support and hourly MACD bullish divergence becomes evident, with initial barriers at 1.2900/10, trendline resistance / yesterday’s high, above which would delay immediate bears. Only reclaim of 1.2975/1.3000 barriers would shift near-term focus towards the upside targets.

    Res: 1.2875, 1.2900, 1.2910, 1.2920
    Sup: 1.2825, 1.2820, 1.2800, 1.2745

    [​IMG]



    GBP/USD

    The pair remains in near-term consolidative sideways mode, off fresh one-month low at 1.5975, with daily Doji candle, confirming near-term indecision. Brief break above 1.6000 handle, still lacks momentum to sustain gains, with hourly studies being neutral. Initial upside signal is given by 4h studies that started to point higher, however, break above minimum 1.6045, range top is required to open way for stronger recovery. Otherwise, fresh extension of near-term downtrend from 1.6308, with 1.5900 seen as next target, would be the likely scenario.

    Res: 1.6033, 1.6045, 1.6066, 1.6100
    Sup: 1.5983, 1.5975, 1.5958, 1.5910

    [​IMG]


    USD/JPY

    The pair loses ground again, after brief consolidation above 78.07, previous low, failed to break above 78.40, range top and yesterday’s close below range floor, with fresh weakness now testing levels below pivotal 78.00 support. Negative near-term tone focuses initial support at 77.80, ahead of possible extension lower to open 77.42, 28 Sep low and signal possible full retracement of 77.12/78.86 rally. On the upside, regain of initial barrier at 78.40, would provide relief.

    Res: 78.07, 78.14, 78.40, 78.59
    Sup: 77.94, 77.78, 77.42, 77.12

    [​IMG]



    USD/CHF

    The pair remains congested at 0.9400 zone, following recent attempt through 0.9400/36 barriers that peaked at 0.9430, as subsequent reversal found support at 0.9370, Fib 38.2% of 0.9273/0.9330 upleg / 55 day EMA. Neutral hourly studies and positive tone seen on 4h chart, see more potential towards the upside barriers, however, clear break above 0.9400, 200 day MA and 0.9430/36, is required to confirm bulls for fresh extension of broader recovery rally from 0.9273. Conversely, loss of 0.9370, would risk extension towards 0.9350, 50% and 0.9330, 61.8% retracement of 0.9273/0.9430 upleg.

    Res: 0.9417, 0.9430, 0.9436, 0.9461
    Sup: 0.9385, 0.9370, 0.9350, 0.9320

    [​IMG]
     

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