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Old 06-02-12, 22:38
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Default Short Term Technical Analysis for Majors (14:30 GMT)

EUR/USD
Near-term price action shows the pair under pressure, after several unsuccessful attempts at 1.32 barrier. While daily Ichimoku cloud continues to cap the upside, focus remains at lower targets, as the pair tested near-term range floor at 1.3025 so far. Negative hourly studies see scope for test of 1.3000, figure support / Fib 38.2% of 1.2622/1.3232 upleg, ahead of next significant level at 1.2930, 25 Jan low / Fib 50%. Negative news from Greece, put additional pressure on Euro. Upside barriers at 1.3135/60, 20 day SMA / bear-trendline, are expected to cap for now.

Res: 1.3080, 1.3100, 1.3130, 1.3166
Sup: 1.3025, 1.3000, 1.2953, 1.2930




GBP/USD
Near-term corrective pullback off 1.5881, found temporary support at 1.5730, also 26/27 Jan highs, after losing significant supports at 1.5785 and 1.5750. Quick recovery on oversold hourly studies, heads towards 1.5800 barrier, also 20 day SMA, break of which is required to ease bear pressure and allow for stronger recovery towards 1.5830/45, last Friday’s intraday high / bear-trendline off 1.5881. Failure to lift above 1.5800, however, would risk lower top and fresh extension of near-term corrective phase off 1.5881, with important level at 1.5705, 01 Feb low / Fib 50%, to come in focus.

Res: 1.5800, 1.5830, 1.5860, 1.5881
Sup: 1.5730, 1.5705, 1.5660, 1.5640





USD/JPY
Remains congested around 76.60, after last Friday’s rally cleared initial resistance at 76.40/50, previous strong supports, to test the next barrier at 76.75, daily 20 day SMA, where gains were limited for now, just ahead of 76.89, Fib 38.2% of 78.27/76.00 downleg and 77.00, figure resistance. Holding above 76.50 would keep near-term gains in play for further recovery, however, hourly studies are losing momentum that may risk loss of 76.50 and further reversal. On the upside, regain of 77.00 and MA’s at 77.10/30, is required to confirm base at 76.00 and turn short-term focus higher, as the wider picture shows the pair moving within 76.00/78.00 range.

Res: 76.69, 76.79, 76.89, 77.00
Sup: 76.50, 76.40, 76.13, 76.00





USD/CHF
The pair maintains positive near-term structure, after last Friday’s upbeat jobs data, boosted the dollar. Bounce off near-term base at 0.9110 zone and regain of previous barriers at 0.9208 and 0.9227, resulted in brief break above key near-term barrier and range ceiling at 0.9250, also Fib 61.8% of 0.9338/0.9113 downleg. Sustained break here is required to resume recovery and open 0.9300 and strong barrier at 0.9338, 25 Jan high and confirm base. Near-term studies remain supportive, however, corrective pullback may precede fresh gains, as 1 and 4H RSI is in overbought zone. Only loss of 0.9200/0.9180 would weaken near-term structure and signal further range-trade.

Res: 0.9261, 0.9283, 0.9300, 0.9338
Sup: 0.9222, 0.9210, 0.9200, 0.9172

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