1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Short Term Technical Analysis for Majors (08:00 GMT)

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Feb 22, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

    Joined:
    Nov 2, 2010
    Messages:
    8
    Likes Received:
    0
    EUR/USD
    Near-term price action sees the pair moving in a narrow range and directionless mode, after initial optimism about Greek’s deal faded and price dropped to 1.3200 zone, where temporary support was found. Hourly studies are neutral, while 4H structure is weakening. Break below key near-term supports at 1.3210/00, yesterday’s intraday lows / 20 day SMA and 1.3181/70, yesterday’s low / Fib 38.2% of 1.2973/1.3292, to further weaken the structure and open 1.3150, 10 Feb low and 1.3133, Fib 50%. On the upside, minor resistances lie at 1.3250/74, with yesterday’s high at 1.3292 and key barrier at 1.3320, clearance of which is required to end near term congestion and resume broader uptrend from 1.2622, 13 Jan low.

    Res: 1.3250, 1.3266, 1.3274, 1.3292
    Sup: 1.3210, 1.3200, 1.3180, 1.3170

    [​IMG]



    GBP/USD
    Extends near-term weakness off 1.5880, 20/09/01 Feb highs, where the recent strong rally off 1.5650 double-bottom was capped. Steady decline has so far erased 50% of the initial rally at 1.5762, with potential for further weakness seen on negative hourly studies, as corrective bounce stays limited at 1.5800 for now. Loss of 1.5762 to expose 1.5740/35 zone next, Fib 61.8% / 15 Feb high, below which would confirm lower high at 1.5880 and re-focus strong support at 1.5650. Only regain of 1.5830 zone, where 20 day SMA lies, would improve near-term tone.

    Res: 1.5860, 1.5879, 1.5882, 1.5900
    Sup: 1.5815, 1.5800, 1.5788, 1.5770

    [​IMG]



    USD/JPY
    The pair’s strong three-week rally off 76.00 base, continues to break its upside barriers, with the last one at 80.00, cleared today. This opens way for further gains and test of breakpoint at 80.23, also med-term range ceiling of Jul 2011/Feb 2012 broader congestion. Break here to signal basing attempt and open way for stronger recovery of long-term downtrend from 2007. Hourly studies are positive, but overbought conditions signal corrective pullback, ahead of fresh rally, as yet no signal of reversal on the wider picture’s outlook. Previous high at 79.52, along with 20 day SMA, offers good support for now.


    Res: 80.00, 80.23, 80.40, 80.50
    Sup: 79.88, 79.60, 79.50, 79.00

    [​IMG]



    USD/CHF
    The downside remains in focus after upside rejection at 0.9300 barrier and subsequent slide broke below initial supports at 0.9100/0.9090, as the price action holds below daily Ichimoku cloud. Yesterday’s corrective attempt was capped at initial barrier at 0.9150, with fresh weakness under way, however, hourly structure shows the price action entrenched in 50-pips range and in directionless mode, as long as 0.9100/0.9080 support holds, with break here to signal an extension of short-term downtrend and expose round figure support at 0.9000.

    Res: 0.9135, 0.9150, 0.9162, 0.9188
    Sup: 0.9100, 0.9087, 0.9081, 0.9075

    [​IMG]
     

Share This Page