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Short Term Technical Analysis for Majors (07:30 GMT)

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

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    The near-term tone has weakened as the pair’s upside failure at 1.3485, previous high, triggered fresh weakness that accelerated on break below 1.3420/00, initial support zone. Loss of breakpoint at 1.3365/55, confirms near-term double top, as the price dips below 1.3320 support, 09 Feb previous peak. Hourly studies are well below their midlines, suggesting that further weakness is not ruled out, with break below 1.3290, 21 Feb high / Fib 38.2% of 1.2973/1.3485, required to open fresh leg lower and expose next supports at 1.3200 zone, 21/22 Feb higher platform and 1.3170, Fib 61.8%. Corrective attempt off yesterday’s low at 1.3313, holds under initial barrier at 1.3365, 27 Feb low / hourly20 day EMA, while more significant recovery is seen on regain 1.3400 handle, also 55 day EMA.

    Res: 1.3365, 1.3400, 1.3421, 1.3485
    Sup: 1.3313, 1.3300, 1.3290, 1.3229

    [​IMG]



    GBP/USD
    Cable maintained its bullish tone, despite greenback strengthened across the board, as price still holds above significant support at 1.5900, previous high and 200 day SMA. Fresh rally extended gains to 1.5991 so far, just under our initial target at 1.6000, with current easing seen corrective, as long as 1.5900/1.5880 zone contains. Larger timeframes studies remain positive and see potential for fresh attempt through 1.6000, to focus 1.6090/1.6100, 14 Nov high / Fib 161.8 projection, next target. Hourly studies weakened, as reversal off 1.5991 approaches 1.5900, also 55 day EMA, with break here to delay bulls and open way for stronger correction. Next strong supports lie at 1.5865, bull-channel support and 1.5800 higher platform, below which to signal return to three-week range.

    Res: 1.5933, 1.5950, 1.5991, 1.6000
    Sup: 1.5900, 1.5880, 1.5865, 1.5800

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    USD/JPY
    The pair regained strength, as near-term base at 80.00 stayed intact, with lift above our initial barrier, turning the near-term focus higher. Hourly studies turned positive, with overnight’s correction being contained by 20 day EMA at 81.00 zone. Regain of yesterday’s high at 81.39 is required to open way for retest of 81.65 high, above which to resume broader uptrend and expose 82.00/20 next. Overextended daily studies, however, see risk of fresh reversal. Only loss of 80.00 would significantly weaken the short-term structure.

    Res: 81.39, 81.65, 82.00, 82.20
    Sup: 81.00, 80.82, 80.70, 80.24

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    USD/CHF
    Extends reversal above 0.9000 barrier, breaking above bear-channel, to confirm near-term base at 0.9030 zone, extending gains to 0.9050 so far. Break here, also 55 day EMA on 4H chart, to open way for possible test of next strong resistance at 0.9100 zone. Near-term studies are positive, but overextended hourly conditions require caution, as daily studies maintain negative structure.

    Res: 0.9078, 0.9100, 0.9125, 0.9150
    Sup: 0.9019, 0.9000, 0.8945, 0.8929

    [​IMG]
     

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