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Short Term Technical Analysis for Majors (08:30 GMT)

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Feb 13, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Rallies higher after rather positive news from Greece, to recover last Friday’s losses that found support at 1.3150. Today’s gap higher opening suggests possible extension towards 1.3300/20 barriers, where 90 day SMA limited upside attempts. The recent rally suggests that most of the optimism regarding Greece’s deal have already been priced in, although positive hourly studies support the latest advance, along with wider picture’s outlook. Clearance of 1.3320 MA is required to resume short-term rally and open 1.3400 and Fibonacci level at 1.3425. Immediate barriers lie at 1.3285/1.3300 zone, while downside remains protected at 1.3220/00 zone, also 20 day SMA and only loss of the latter to trigger further weakness and cover today’s gap.

    Res: 1.3275, 1.3285, 1.3300, 1.3320
    Sup: 1.3232, 1.3220, 1.3200, 1.3153

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    GBP/USD
    Extended the near-term weakness off 1.5926, 08 Feb peak and 200 day SMA, to test key near-term support at 1.5730 last Friday. Current bounce is seen corrective as long as 1.5820/50, trendline resistance / Friday’s high / 20 day SMA, stay intact, as the pair struggles at 1.5800, former higher base and broken H&S neckline. Risk is seen of fresh lower high and retest of 1.5730, loss of which to open next supports at 1.5700 and 1.5650. Only lift above 1.5820 would provide near-term relief.

    Res: 1.5800, 1.5820, 1.5850, 1.5880
    Sup: 1.5777, 1.5757, 1.5730, 1.5700

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    USD/JPY
    Remains in a strong uptrend, with near-term price action seen consolidating the recent gains that peaked at 77.80 and currently moving within 77.50/80 range. Near-term focus is at next strong barrier at 78.00, where main bear trendline off 2007 peak and 200 day SMA lie, above which to focus the next significant resistance at 78.27, Nov/Dec 2011 range ceiling / 25 Jan peak. Daily studies are breaking above their midlines and confirming the current bullish structure. Today’s low at 77.50, offers initial support, with previous high and Fibonacci level at 77.20, expected to contain corrective dips.

    Res: 77.80, 78.00, 78.27, 78.40
    Sup: 77.50, 77.20, 77.00, 76.80

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    USD/CHF
    The pair comes under pressure again after false break below static support at 0.9100 and subsequent bounce stalled at 0.9200. Today’s gap lower opening and current test of 0.9100 risks further weakness, as the upside stays capped for now. Firm break below 0.9100 and 0.9075, Fibonacci 50% of 0.8566/0.9593 ascend / daily Ichimoku cloud base, to resume short-term weakness off 0.9593, 09 Jan peak and expose 0.9000, figure support and Fib 61.8% at 0.8955.

    Res: 0.9134, 0.9158, 0.9171, 0.9200
    Sup: 0.9150, 0.9135, 0.9110, 0.9100

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