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Old 24-11-11, 15:23
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Default Short Term Technical Analysis for Majors (08:00 GMT)

EUR/USD

Trades in a near-term corrective mode after yesterday’s loss of strong support zone at 1.3420/00, extended bears to fresh 7-week low at 1.3320. The pair attempts to clear 1.3400 for test of strong resistance area at 1.3420, previous low / Fib 50% of the latest 1.3529/1.3320 decline and 1.3450/70, Fib 61.8% / 20 day SMA, where reversal is anticipated, ahead of fresh leg lower. Only sustained break and weekly close above the latter, would put short-term bears on hold and signal stronger correction. However, daily chart’s firm bearish outlook sees scope for further weakness and break below 1.3320 to expose 1.3240 next.

Res: 1.3400, 1.3421, 1.3450, 1.3470
Sup: 1.3352, 1.3320, 1.3300, 1.3483





GBP/USD

Yesterday’s break below 1.5541 target, extended losses briefly below 1.5500 support that signals possible full retracement of short-term 1.5271/1.6164 upleg, as short-longer-term studies remain bearish. Corrective bounce on overextended hourly tools, faces initial barrier at 1.5580/1.5610 zone, with possible stretch towards strong resistance at 1.5690, which is expected to cap, before bears take control again. Break below 1.5493, yesterday’s fresh low, to open 1.5420, then the last barrier before 1.5271 low at 1.5340/30 zone.

Res: 1.5585, 1.5600, 1.5610, 1.5633
Sup: 1.5538, 1.5515, 1.5500, 1.5493





USD/JPY

Break above 77.50 barrier on yesterday’s rally from 77.00, proved to be false, as gains stalled just above 77.50 and bears took over again, bringing the pair back to 77.00 zone. Holding above the latter, also 20 day SMA, keeps hopes of possible fresh attack at 77.50 alive, as 4-hour studies maintain slightly positive tone. Clear break above 77.50 is required to improve short-term structure and expose 78.00. However, wider picture’s outlook is still weak, with fresh extension of the broader downtrend from 79.52 is not ruled out.

Res: 77.31, 77.50, 77.86, 78.00
Sup: 77.00, 76.91, 76.80, 76.50





USD/CHF

The 0.9200 zone proved to be strong barrier, as fresh gains from 0.9105 higher low, failed again to clear 0.9200. Narrowing range is now forming a triangle pattern, with initial support at 0.9160 being tested so far, ahead of 0.9120/05 zone, trendline support / previous low, below which to open key support at 0.9083. On the upside, break above 0.9200/34 resistances to resume the broader uptrend and focus 0.9313/38 targets.

Res: 0.9199, 0.9212, 0.9234, 0.9300
Sup: 0.9160, 0.9125, 0.9105, 0.9083

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