Windsor Brokers - Short Term Technical Analysis for Majors (updated daily) - page 71
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Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
The Euro remains steady, trading in consolidative sideways mode, off fresh 11-month high at 1.3400, posted yesterday. Close above 1.3360, yesterday’s opening price, keeps the upside in near-term focus, however, further consolidation cannot be ruled out, as 4h studies are extended. Range floor at 1.3335 so far holds the downside, with further easing towards strong support at 1.3300, reinforced by ascending 20 day EMA, seen not harmful for near-term bulls, while only slide below 1.3247 higher platform and Fib 38.2% of 1.2996/1.3401 would delay. On the upside, clear break above 1.3400 is required to resume near-term bulls off 1.3000 base and open way towards 1.3485/1.3500, next targets.
Res: 1.3395, 1.3402, 1.3450, 1.3485
Sup: 1.3335, 1.3300, 1.3280, 1.3247
GBP/USD
Cable remains under pressure despite recovery from yesterday’s low at 1.6030, as gains failed to regain important 1.6200 barrier, where 55 day EMA caps for now. Negative hourly studies and 4h indicators sliding below the midlines, keep the downside vulnerable, with immediate support at 1.6030, ahead of very strong support zone at 1.6000/1.5991, loss of which would trigger fresh leg lower and expose 1.5960 and 1.5900. Conversely, bounce above 1.6200, would avert immediate downside risk.
Res: 1.6093, 1.6103, 1.6121, 1.6154
Sup: 1.6063, 1.6030, 1.6006, 1.5991
USD/JPY
The pair extends near-term corrective pullback off fresh high at 89.66, posted yesterday, following failure on renewed attempt higher and subsequent fall through initial support at 89.00. Dips so far retraced nearly 38.2% of 86.81/89.66 ascend at 88.62, with prevailing negative tone on hourly chart and 4h indicators descending from overbought zone that suggest further corrective action. Penetration through previous high at 88.40 would risk an extension towards 88.00, Fib 61.8% and 4h 55 day EMA, loss of which would put near-term bulls on hold in favor of stronger reversal of rally from September 2012.
Res: 89.08, 89.66, 90.00, 90.39
Sup: 88.62, 88.40, 88.00, 87.90
USD/CHF
Yesterday’s extension of recovery rally from 0.9100 support zone, eases bear-pressure, as gains retraced 76.4% of 0.9302/0.9109 decline at 0.9260. Improved near-term studies now shift focus higher, however regain of 0.9272 and 0.9300, is required to confirm base at 0.9100/0.9080 zone and allow for stronger correction. Pullback on overbought hourlies should be ideally contained at/above 0.9200, to keep bulls intact.
Res: 0.9260, 0.9272, 0.9300, 0.9345
Sup: 0.9220, 0.9200, 0.9191, 0.9165
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
The euro remains at the back foot after repeated attempts at 1.3400 failed and subsequent easing broke below important 1.3300 support, previous resistance and 4h 20 day EMA. This opens prospect for further correction, as hourly structure is negative and 4h indicators continue to slide. The reversal so far retraced 38.2% of 1.3037/1.3401 upleg, bringing immediate risk at 1.3247 higher platform, reinforced by 4h 55 day EMA, loss of which would prompt extension towards psychological 1.3200 support. Hourly 20/55 EMA’s bearish crossover at 1.3325, pressures the price and offers solid resistance, along with 1.3335, previous range floor.
Res: 1.3300, 1.3325, 1.3335, 1.3356
Sup: 1.3262, 1.3247, 1.3220, 1.3200
GBP/USD
Cable lost ground again, following repeated attempt at 1.6100 barrier failure, to return back to 1.6030 support and risk test of more significant 1.6000/1.5990 near-term base, reinforced by daily Ichimoku cloud base.. Studies on 4h chart turned negative and see potential for further weakness, as the price holds below 20/55 day EMA’s, with break below 1.5990 to expose 1.5960, Fib 76.4% of 1.5826/1.6380 and 1.5900, 200 day MA. Only lift above 1.6100 would provide near-term relief.
Res: 1.6044, 1.6079, 1.6100, 1.6121
Sup: 1.6006, 1.5991, 1.5960, 1.5900
USD/JPY
The pair continues to move lower for the third day, on corrective pullback from 89.66. Loss of strong support at 88.40 is seen as a trigger, as the price dents next one at 88.00, retracing 61.8% of 86.81/89.66 upleg at 87.90. Dominating negative tone on hourly chart and 4h studies breaking into negative territory, keep the downside favored, with daily indicators starting to point lower, of overbought zone that additionally supports near-term bears. Holding below 88.00 handle, would likely open way towards 87.00 and more significant 86.81, 09 Jan low. Any bounce higher is seen capped at 89.00 zone for now.
Res: 88.28, 88.74, 88.90, 89.08
Sup: 87.90, 87.48, 87.00, 86.81
USD/CHF
The pair extends recovery rally, clearing key near-term barrier at 0.9300, 04 Jan high that confirm near-term base at 0.9100 and opens way for stronger gains. With gains reaching 0.9330 so far, immediate focus lies at 0.9345, Fib 61.8% of 0.9511/0.9077 descend and 0.9381, 07 Dec 2012 high, to possibly look for test of psychological 0.9400 barrier. Overbought near-term studies, however, see pause in recent gains, with corrective easing facing support at 0.9272 and dips expected to hold at/above 0.9250, Fib 38.2% / 55 day EMA, to keep the bullish bias.
Res: 0.9330, 0.9345, 0.9381, 0.9400
Sup: 0.9293, 0.9372, 0.9246, 0.9220
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
The single currency continues to move within one-week 1.3400/1.3255 range, with yesterday’s slide being contained at psychological 1.3300 support. Bounce higher brings positive sentiment and sets scope for possible attack at strong 1.3400 barrier. Positive hourly studies support the notion, as the rally retraces 76.4% of 1.3397/1.3280 descend. Holding above 1.3300 base, reinforced by 55 day EMA, keeps near-term bulls in play, while break here would attract lower range boundaries.
Res: 1.3370, 1.3400, 1.3418, 1.3485
Sup: 1.3350, 1.3330, 1.3300, 1.3280
GBP/USD
Negative near-term tone continues to drive the pair lower, as the price approached next target and psychological support at 1.5800, after fully retracing Nov/Jan 1.5826/1.6380 rally. Clear break here to signal fresh bear phase, as the pair breaks below the range, established in Sep 2012. Immediate target at 1.5800 remains in near-term focus, with penetration here to open 1.5753, 28 Aug low, possibly 1.5700, round figure support. Any bounce higher would be seen as corrective with initial barrier at 1.5900, also 200 day MA. Only regain of 1.6000 handle would ease bear-pressure.
Res: 1.5864, 1.5900, 1.5922, 1.5950
Sup: 1.5826, 1.5805, 1.5753, 1.5700
USD/JPY
Fresh weakness off upside rejection level at 90.10, cracked 89.00 support, also 50% of 87.78/90.23, with losses being temporarily contained by 55 day EMA at 88.88. This softens near-term tone and increases risk of further reversal, with near-term focus at Fibonacci supports at 88.72 and 88.36, 61.8% and 76.4% retracement. Corrective actions face good resistance at 89.30/50 zone, while only regain of psychological 90.00 barrier, would shift focus higher again.
Res: 89.35, 89.50, 89.85, 90.10
Sup: 88.88, 88.72, 88.36, 88.12
USD/CHF
The near-term price action seems to be running out of steam, as the price slides to consolidation range floor and psychological support at 0.9300 zone. Hourly indicators show negative readings, as price holds below 20 day EMA, with immediate risk seen on a break below 0.9300/0.9280, range floor / 55 day EMA that would signal completion of H&S pattern, shown on 4-h chart and open way for further easing towards 0.9250/00. Conversely, break above 0.9350, would improve and re-focus upper barriers at 0.9387 and 0.9400.
Res: 0.9350, 0.9387, 0.9400, 0.9430
Sup: 0.9292, 0.9284, 0.9248, 0.9215
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
The single currency remains in a sideways mode after yesterday’s bumpy ride, with price hovering around 1.3300. Hourly structure, however, is still aligned towards the downside, as the price holds below MA’s and indicators are in the negative zone. While range floor t 1.3280 that proved to be solid support, stays intact, range-trading will remain in play, while break lower would signal a fresh direction and expose 1.3250 and 1.3200. On the upside, regain of yesterday’s spike high at 1.3370, would improve the near-term structure, but only clear break above 1.3400 to signal resumption of an uptrend from 1.2660, 2012 low.
Res: 1.3331, 1.3370, 1.3400, 1.3485
Sup: 1.3280, 1.3255, 1.3200, 1.3151
GBP/USD
Near-term structure maintains negative tone, as the pair, unable to regain initial barrier at 1.5900, returns to near-term base at 1.5800. Bears remain favored, with near-term studies in the negative territory, being supportive for possible slide below 1.5800 handle that will confirm break below 4-month range and open way for fresh leg lower, with 1.5750 and 1.5700 seen as next targets. Any bounce would be of corrective nature and facing strong resistance at 1.5900, 200 day MA, ahead of 1.6000, also 50% of 1.6380/1.5800, break of which is required to provide relief.
Res: 1.5840, 1.5900, 1.5947, 1.6000
Sup: 1.5805, 1.5753, 1.5700, 1.5675
USD/JPY
Yen continues to strengthen against the dollar, on a reversal from 90.23 peak, with initial targets at 88.00 zone being tested so far, just ahead of key near-term support at 87.78, 16 Jan low. As 87.78/90.23 rally has been nearly fully retraced, break lower remains favored for now, with notion being supported by negative near-term studies. However, corrective action may precede fresh bears, as hourly indicators reached oversold zone. Bounces are going to face good resistance at 88.90/89.00 area, where previous highs and Fib 38.2% lie, reinforced by descending 55 day EMA. Only break above 89.50 would delay immediate bears.
Res: 88.36, 88.56, 88.78, 89.00
Sup: 88.05, 87.78, 87.35, 87.00
USD/CHF
Near-term price action still holds above 0.9280, Fib 38.2% of 0.9109/0.9387 upleg and 55 day EMA, following pullback from 0.9387, 18 Jan high, after the pair failed to regain psychological 0.9400 barrier. The hourly structure shows neutral/negative tone, as the price moves within narrow 0.9280/0.9300 range, however, weakening 4h chart studies sees scope for fresh extension lower and test of next targets at 0.9250 and 0.9215, after psychological 0.9300 supports has been cracked. On the upside, corrective rallies face Fibonacci resistances of 38.2% and 50% at 0.9317/30, while only break above 0.9350, yesterday’s high and near 61.8% retracement would signal stronger recovery and sideline near-term bears.
Res: 0.9317, 0.9330, 0.9350, 0.9387
Sup: 0.9283, 0.9273, 0.9248, 0.9215
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
The single currency continues to trend higher, with last Friday’s break and weekly close above 1.3400 barrier, opening way towards key medium-term resistance at 1.3500 zone. Rally peaked at 1.3477, just ahead of 2012 high at 1.3485 and 50% of 1.4938/1.2042 descend at 1.3490 that also marks the neckline of weekly inversed H&S pattern. The barrier is reinforced by weekly 200 day MA and seen as breakpoint for more significant gains, with 1.3800 zone, Fib 61.8%, expected to come in near-term focus on a clear break above 1.3500. Hourly studies are in descending mode, off overbought territory, however, strong 4h chart readings see room for attempt through 1.3500, with 20 day EMA and previous highs at 1.3400, offering good support for now. Only break here would signal further hesitation ahead of 1.3500 and allow for stronger reversal.
Res: 1.3477, 1.3485, 1.3490, 1.3525
Sup: 1.3400, 1.3370, 1.3350, 1.3300
GBP/USD
Cable remains under heavy pressure, as recovery attempt from last Friday’s lows at 1.5750 zone, failed to sustain gains above important 1.5800 level. Fresh weakness, despite weekly close slightly above 1.5800, accelerated on weekly gap-lower opening, focusing initial 1.5700 target. Negative 1 and 4h chart structure keeps the downside favored, however, brief consolidation at 1.5700, is not ruled out, as hourly indicators are entering oversold territory. Below 1.5700, static support at 1.5634, 16 Aug low, is seen next, ahead of psychological 1.5600 level. Session high at 1.5784, offers initial resistance, while filling gap and extension above 1.5800 would delay immediate bears.
Res: 1.5745, 1.5784, 1.5800, 1.5823
Sup: 1.5700, 1.5660, 1.5634, 1.5600
USD/JPY
The pair remains well supported, as last Friday’s rally penetrated psychological 91.00 barrier, to bring the next target at 92.00 zone in near-term focus. Corrective easing is expected to precede fresh rally, with previous high at 90.23, reinforced by 4h 20 day EMA, acting as initial support and dips ideally to be contained around 90.00 zone, also Fib 38.2% of 88.05/91.24 ascend.
Res: 91.24, 91.50, 92.00, 92.50
Sup: 90.55, 90.23, 90.00, 89.64
USD/CHF
Near-term price action moves in a recovery mode, off last Friday’s fresh low at 0.9220, Fib 61.8% of 0.9109/0.9387 rally. Improved hourly conditions see potential for possible attempt at 0.9300 barrier, as the rally retraced 61.8% of 0.9323/0.9220 descend at 0.9287, where 20 day EMA limited gains for now. From the other side, prevailing negative tone on 4h chart does not see much upside potential, as long as the price holds below 0.9323, 24 Jan high. Only break here would sideline bears and shift focus higher. Otherwise, reversal under 0.9323, would risk lower top and fresh weakness towards 0.9220/00.
Res: 0.9287, 0.9300, 0.9323, 0.9345
Sup: 0.9270, 0.9255, 0.9220, 0.9200
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
The single currency remains in a near-term consolidative mode, following repeated failure at 1.3477 that keeps key 1.3500 zone intact for now. With the lower boundary of near-term range and 55 day EMA, coming under pressure, further easing is seen likely, as hourly studies are negatively aligned. From the other side, positive tone on 4h chart, keeps the upside in focus, with possible extension into 1.3400/1.3370, Fib 38.2% / 50% of 1.3264/1.3477, seen preceding fresh rally. Only slide below 1.3300, psychological support at Fib 38.2% of larger 1.2996/1.3477, would be harmful for near-term bulls.
Res: 1.3459, 1.3477, 1.3485, 1.3490
Sup: 1.3425, 1.3400, 1.3370, 1.3345
GBP/USD
Cable maintains negative near-term tone, with steady descent from 02 Jan’s peak at 1.6380, losing another support at 1.5700. Yesterday’s close below the latter, suggests further easing towards next targets at 1.5634 and 1.5600. Corrective bounce on oversold hourly conditions faces good resistance at 1.5745, previous low and 50% of 1.5825/1.5673 downleg, with 1.5800 zone expected to cap recovery attempts, as 4h studies remain in red. However, appearance of bullish divergence on 4h chart RSI and MACD, cannot rule out stronger rally that requires break above 1.5800/25 to confirm near-term base and put immediate bears on hold.
Res: 1.5745, 1.5784, 1.5800, 1.5823
Sup: 1.5673, 1.5660, 1.5634, 1.5600
USD/JPY
Hourly structure is neutral, as the pair moves within 90.40/91.00 range, following repeated failure at 91.00 yesterday. More downside risk is seen on 4h chart studies that are in descending mode, from overbought zone, with immediate risk seen on a break below 90.40/23, overnight’s low / 20 day EMA / previous high, as well as psychological 90.00 level, loss of which would trigger stronger corrective action. Conversely, regain of 91.00 would open 91.24 and possible resumption of larger uptrend.
Res: 91.00, 91.08, 91.24, 91.50
Sup: 90.58, 90.40, 90.23, 90.00
USD/CHF
Near-term bears remain in play, as the price slides after yesterday’s recovery failure on approach to psychological 0.9300 barrier, on recovery attempt from 0.9220, last Friday’s fresh low. With 61.8% of 0.9220/91 rally being retraced so far, immediate focus comes at 0.9220/00 support zone, loss of which to signal further retracement of the larger 0.9109/0.9387 rally that so far reversed 61.8%. Negative 1 and 4h chart studies support the notion and only sustained break above 0.9300 barrier, reinforced by daily Ichimoku cloud top, would ease immediate bear-pressure.
Res: 0.9266, 0.9291, 0.9300, 0.9323
Sup: 0.9245, 0.9220, 0.9200, 0.9175
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
The pair continues to trend higher and approaches the next target at 1.3600, following break above very strong 1.3500 resistance zone. Positive technical were supported by fundamentals that gave the single currency an additional boost. Corrective easing on overbought hourly / 4h conditions faces support at 1.3520, Fib 38.2% of 1.3413/1.3587, reinforced by hourly 55 day EMA and strong one at 1.3500 zone, previous resistance. Yesterday’s close above 1.3500 and 1.3526, 200 day MA is seen supportive, with clearance of psychological 1.3600, seeing no significant barriers until 1.3700, round figure and 1.3726, Fib 76.4% of 1.4246/1.2042 descend.
Res: 1.3547, 1.3567, 1.3600, 1.3650
Sup: 1.3532, 1.3520, 1.3500, 1.3477
GBP/USD
Cable holds positive near-term sentiment, extending recovery from 1.5700 support zone. Regain of initial 1.5800 barrier and test of more significant 1.5825 breakpoint, sees scope for fresh extension higher and possible full retracement of 1.5891/1.5673 downleg, above which to open way for stronger recovery. Break above 4h 55 day EMA and 4h indicators entering positive territory, supports the notion. Previous barriers at 1.5800/ 1.5780 zone, now act as initial supports.
Res: 1.5840, 1.5850, 1.5891, 1.5925
Sup: 1.5800, 1.5780, 1.5764, 1.5724
USD/JPY
Near-term price action moves in a consolidative mode, following yesterday’s stretch to a fresh high at 91.40. While immediate support higher platform base at 90.40 zone stays intact, near-term structure will remain aligned towards the upside. Extension of broader uptrend through 91.40, to focus next barrier at 92.00. Hourly studies hold neutral tone, however, reversing 4h chart indicators do not rule out further easing that would harm immediate bulls if psychological / Fibonacci support at 90.00 contains any stronger dips.
Res: 91.00, 91.25, 91.40, 92.00
Sup: 90.73, 90.55, 90.31, 90.23
USD/CHF
The pair accelerated losses after repeated attempt lower finally broke below 0.9200 support and fresh slide dipped through 0.9100, to test very strong support and near-term base at 0.9080. Dominating negative tone on lower and larger timeframes studies, keeps bears firmly in play, however, corrective action on oversold conditions and attempt at strong support, is seen preceding fresh leg lower. Minor resistance lies at 0.9120 zone, with more significant barrier seen at 0.9165, Fib 38.2% of 0.9291/0.9086 downleg, reinforced by descending hourly 55 day EMA, while 0.9200 zone is seen capping for now. On the downside, break below 0.9080 to open psychological 0.9000, also March 2012 low, next.
Res: 0.9125, 0.9140, 0.9165, 0.9188
Sup: 0.9086, 0.9080, 0.9050, 0.9000
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
The Euro eased further, to nearly fully retrace 1.3540/1.3710 upleg, once 1.3600 handle was lost. Initial signals of basing are seen on hourly chart, as 1.3540/30 area is seen as ideal reversal point, between 50% and 61.8% of larger 1.3413/1.3710 ascend, to keep underlying bull-trend intact. To confirm this scenario and re-focus 1.3700 zone, regain of minimum 1.3650, 61.8% of 1.3710/1.3547 decline is required. Conversely, loss of 1.3540 handle, would risk extension towards 1.3500/1.3477, next support levels.
Res: 1.3585, 1.3617, 1.3648, 1.3674
Sup: 1.3540, 1.3528, 1.3500, 1.3477
GBP/USD
Cable enters near-term corrective phase sharp slide from last Friday peak at 1.5877, found footstep at 1.5684, just ahead of more important 1.5673, 28 Jan fresh 5-month low. Current bounce is seen as further consolidation ahead of fresh leg lower, as previous recovery attempt was rejected on approach to psychological / 200 day MA resistance that keeps the upside limited for now. Upside extension through 1.5700, sees strong barrier at 1.5760, Fib 38.2% of 1.5877/1.5684 and hourly 55 day EMA, with potential break higher to prolong the consolidation and allow for possible recovery towards Fibonacci resistances at 1.5780/1.5800, 50% and 61.8% retracement. On the downside, penetration of 1.5684/73, would open fresh bear-phase and expose 1.5600.
Res: 1.5760, 1.5773, 1.5800, 1.5845
Sup: 1.5707, 1.5684, 1.5673, 1.5634
USD/JPY
Fresh extension through psychological 93.00 barrier, show bulls firmly in play for possible test of our next upside targets at 93.75, Jan 2010 high and 94.00, round-figure barrier. Daily studies continue to point higher, despite overextended conditions that so far did not generate any reversal signal. On the other side, easing towards initial support and higher base at 92.50, was triggered by overbought 1/4h studies, with further corrective dips towards 92.00 zone, Fib 38.2% of 90.73/93.17 / 4h 20 day EMA, seen not harmful for near-term bulls.
Res: 92.95, 93.17, 93.50, 93.75
Sup: 92.50, 92.28, 92.00, 91.77
USD/CHF
Corrective action from last Friday’s fresh low at 0.9020, remains capped under initial barrier at 0.9120, 31 Jan highs / Fib 38.2% of 0.9291/0.9020 descend / 20 day EMA, keeping the downside at risk. As hourly studies are losing traction and 4h indicators remain in the negative territory, not much of recovery could be expected in the near-term, as long as market stays below psychological / 50% retracement barrier at 0.9200. This keeps the downside favored for now, as loss of 0.9020/00 support are would open 0.8930, Feb 2012 low and 0.8900, psychological support, next.
Res: 0.9120, 0.9156, 0.9187, 0.9200
Sup: 0.9074, 0.9020, 0.9000, 0.8930
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
Underlying bull-trend remains intact as reversal from 1.3710 found support at 1.3458 yesterday, ahead of more significant supports at 1.3430, daily 20 day EMA and 1.3400, previous tops. Subsequent bounce to 1.3600 barrier that retraced over 50% of 1.3710/1.3458 downleg, regained some bullish momentum, with break above 1.3600, required to maintain positive sentiment. Otherwise the downside will remain vulnerable, with immediate support at 1.3500 and risk seen on a break here to expose 1.3458, below which would complete the failure swing and open way for deeper pullback.
Res: 1.3595, 1.3614, 1.3635, 1.3651
Sup: 1.3523, 1.3500, 1.3458, 1.3430
GBP/USD
Cable continues to trend lower after basing attempt at 1.5673/84 failed and break lower tested next target at 1.5634, 16 Aug low, ahead of psychological 1.5600 level. Yesterday’s outside day confirms negative structure and keeps the downside favored, as lower timeframe studies maintain bearish tone and keep immediate focus at 1.5600, also Fib 100% expansion of the wave from 1.5804, as break below 1.5600 is expected to open 1.5530, Fib 76.4% of 1.5267/1.6380 rally. Corrective attempts have so far been capped by descending 10 day EMA and ahead of strong resistances at 1.5673/84
Res: 1.5665, 1.5673, 1.5684, 1.5700
Sup: 1.5629, 1.5600, 1.5550, 1.5530
USD/JPY
Bulls remain fully in play, despite overextended larger picture studies, with the pair continuing its steady rise by posting fresh 33-month high at psychological 94.00 barrier. This opens way towards the next target and key med-term barrier at 94.97, May 2010 high, regain of which to confirm full retracement of 2010/2011 descend and confirm base at 75 zone, lows of 2011. Any reversal should ideally hold above 92.00 handle, to keep the structure intact.
Res: 94.00, 94.50, 94.97, 95.72
Sup: 93.50, 93.17, 93.00, 92.76
USD/CHF
The near-term structure shows signs of improvement, as the price attempts above one-week consolidation top at 0.9120. Fresh bullish momentum rises hopes of stronger recovery, with clearance of 0.9150/60, 55 day EMA / Fib 38.2% of 0.9387/0.9020, required to confirm and open 0.9200, round figure / 50% retracement. However, larger picture maintains bearish tone and keeps the downside favored, as long as 0.9300, daily Ichimoku cloud top stays intact.
Res: 0.9150, 0.9160, 0.9191, 0.9220
Sup: 0.9120, 0.9100, 0.9074, 0.9020
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
The Euro trades in a sideways mode, consolidating recent reversal from 1.3710 that found footstep at 1.3352, the midpoint of 1.2996/1.3710 upleg. Near-term price action moves within 1.3352 and 1.3428, last Friday’s high / low, as yesterday’s recovery rally stalled at 1.3426, where 4h 20 day EMA capped. Hourly studies remain neutral, while 4h structure is still neutral and sees the downside at risk, as long as the price holds within near-term bear-channel off 1.3710. Initial barriers lie at 1.3428 and 1.3438, Fib 38.2% of 1.3710/1.3352, ahead of pivotal 1.3460 area, 05 Feb low / 50% of 1.3576/1.3352 / channel resistance, break of which to signal recovery, confirmation of which requires break above 1.3500. On the downside, slide below 1.3352 would signal bearish continuation and open psychological 1.3300 support, ahead of more significant 1.3260, higher platform / bull-trendline off 1.2660.
Res: 1.3400, 1.3428, 1.3458, 1.3500
Sup: 1.3375, 1.3352, 1.3300, 1.3265
GBP/USD
Cable lost ground after pullback from last Friday’s high at 1.5843 accelerated and lost 1.5740/00 handles, to nearly fully retrace 1.5630/1.5843 recovery rally. This suggests that broader bearish structure, triggered by break below four-month range and multi-year bull-trendline from 2009 low at 1.3500, remains intact and keeps the downside in focus. Completion of near-term corrective phase below 1.5630, opens 1.5600, then 1.5530, Fib 76.4% of 1.5267/1.6380 ascend. Previous supports at 1.5700 and 1.5740 now act as resistances and are expected to cap for now.
Res: 1.5680, 1.5700, 1.5740, 1.5765
Sup: 1.5640, 1.5630, 1.5600, 1.5530
USD/JPY
Bulls returned to play after recovery rally from 92.17 base accelerated through 94.00 barrier that signals bullish continuation of larger uptrend from 77.00 zone. This brings our initial target at 94.97, May 2010 high, in near-term focus, break of which to confirm medium-term base and signal stronger recovery of 2007/2011 downtrend. Corrective dips are seen preceding fresh rally, as the price pulls back from yesterday’s fresh high at 94.45, with 94.00 zone holding for now. Only slide below 92.00, would have the stronger impact on the near-term structure.
Res: 94.35, 94.45, 94.97, 95.72
Sup: 93.85, 93.58, 93.31, 93.00
USD/CHF
The pair holds positive tone, as break 0.9200 barrier, 50% of 0.9387/0.9020 descend signals resumption of recovery rally from 0.9020 that paused on 0.9200/0.9150 consolidative phase. Positive near-term studies support the notion, with initial barrier at 0.9247, Fib 61.8%, seen as a trigger for extension towards psychological / Fib 76.4% resistance at 0.9300. Any slide below 0.9200, should hold above 0.9150, recent rage floor, to keep near-term bulls afloat. However, overall bearish tone persists and improvement requires regain of 0.9400 zone, previous highs / 200 day MA.
Res: 0.9247, 0.9273, 0.9300, 0.9323
Sup: 0.9200, 0.9178, 0.9150, 0.9115