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Technical Analysis
Short Term Technical Analysis for Majors (08:00 GMT)
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[QUOTE="WindsorBrokers, post: 25597, member: 4571"] [b]Short Term Technical Analysis for Majors (07:45 GMT)[/b] [B]EUR/USD[/B] Returns to strength, regaining levels just under 1.3200, after yesterday’s pullback from fresh high at 1.3232 was contained at 1.3075, strong support, 27 Jan higher platform / Fib 50% of 1.2930/1.3232 ascend. Some positive tones that came from Greece, keep the single currency supported, however clearance of 1.3232, previous high / Fib 38.2% of 1.4246/1.2622, to signal a resumption of short-term bull-trend and open 1.3300/40, figure resistance / 90 day SMA, next. Positive hourly studies suggest further gains, however, corrective dips are likely. Immediate support lies at 1.3145, 20 day SMA and 1.3111, while only loss of 1.3075/60 support zone, would delay bulls. Res: 1.3197, 1.3232, 1.3258, 1.3300 Sup: 1.3145, 1.3132, 1.3111, 1.3100 [IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20120131074829.gif[/IMG] [B]GBP/USD[/B] Retests previous highs and strong barrier at 1.5740 zone, just ahead of very strong resistance at 1.5770, after correction lower was contained by 90 day SMA at 1.5650 zone. Clearance of the latter to signal fresh phase higher, as this will signal a break above two- month range that was capped at 1.5770. Near-term studies remain supportive, but overbought, while daily studies keep strong bullish tone. Dynamic support at 1.5700, 20 day SMA, underpins, while only break below 1.5650/40 zone, previous lows / main bull trendline, would risk stronger weakness. Res: 1.5753, 1.5770, 1.5800, 1.5850 Sup: 1.5724, 1.5700, 1.5676, 1.5653 [IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20120131074810.gif[/IMG] [B]USD/JPY[/B] The pair slumps to the levels close to 76.00 support, after upside rejection at 78.30 zone, previous range ceiling / 200 day SMA, triggered sharp reversal. Short-term outlook remains negative, with possible extension below 76.00 and test of record low at 75.56, posted on 31 Oct 2011, seen as likely scenario. However, possibility of Bank of Japan’s action is also quite high, as main support at 76.50 has been lost. Corrective bounces on oversold near-term conditions, face resistance at 76.50/75, with 20 day SMA, currently at 76.85, limiting the upside for now. Res: 76.50, 76.65, 76.75, 76.85 Sup: 76.16, 76.10, 76.00, 75.56 [IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20120131074720.gif[/IMG] [B]USD/CHF[/B] Remains under pressure, maintaining short-term negative structure, after corrective bounce from last Friday’s fresh low at 0.9113 was capped by descending 20 day SMA at 0.9208, just ahead of initial barrier at 0.9227, Friday’s high / Fib 23.6% of 0.9573/0.9113 descend. While the latter stays intact, downside risk towards 0.9113 / 0.9100 dominates, with break lower to trigger fresh extension of short-term bear-trend and expose Fib 50% at 0.9075 and figure support at 0.9000. Res: 0.9165, 0.9188, 0.9208, 0.9227 Sup: 0.9128, 0.9113, 0.9100, 0.9075 [IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20120131074654.gif[/IMG] [/QUOTE]
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