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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Mar 6, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Trades in a consolidative mode in past two days, after hitting fresh low at 1.3159 yesterday. Near-term price action continues to move around 1.3200 handle, as recovery attempt was limited under 55 day EMA. Hourly studies are rather neutral, while 4H chart outlook remains negative and keeps the downside favored, as long as initial resistances at 1.3250/80 stay intact. Loss of 1.3159, also near Fib 61.8%, to open way towards 1.3100, possibly 1.3026, 01/06 Feb lows. Only lift above 1.3300 would provide relief.

    Res: 1.3207, 1.3240, 1.3281, 1.3300
    Sup: 1.3186, 1.3159, 1.3114, 1.3100

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    GBP/USD
    Yesterday’s strong rebound off 1.5785 low, reached levels close to key near-term barrier at 1.5900, previous lows and 200 day SMA, but gains ran out of steam. To improve short-term structure and re-focus upside targets at 1.6000/1.6100, clear break above 1.5900 is required. Hourly studies, however, are losing traction, as price broke below 20 day EMA at 1.5850 that may suggest further easing and retest of strong support zone at 1.5800/1.5770, below which to signal resumption of short-term downtrend off 1.5991.

    Res: 1.5860, 1.5881, 1.5895, 1.5935
    Sup: 1.5828, 1.5800, 1.5785, 1.5770

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    USD/JPY
    The pair enters near-term sideways mode, after finding support at 81.14 yesterday. Holding above the latter and 81.00, keeps potential for fresh attack at key barriers at 81.65/86, break of which to resume an uptrend from 76.00 base. Hourly studies are neutral, while 4H indicators still in the positive territory, but pointing lower. Strong uptrend on daily chart remains intact, as studies are positive, but overbought conditions warn of stronger pullback.

    Res: 81.57, 81.60, 81.85, 82.00
    Sup: 81.28, 81.14, 81.00, 80.82

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    USD/CHF
    The near-term price action holds positive tone after gains were capped at 0.9160 zone and subsequent easing found ground at 0.9100, also 55 day EMA. Fresh strength needs to clear initial barriers at 0.9160 and 0.9200 to re-focus key short-term resistances at 0.9250/0.9300. Hourly studies are regaining strength, while 4H structure remains supportive. Break above daily 55/90 day MA’s at 0.9220/55 is required to improve currently negative structure on a daily chart.

    Res: 0.9160, 0.9200, 0.9250, 0.9300
    Sup: 0.9100, 0.9070, 0.9044, 0.9020

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