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Old 02-05-12, 11:44
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Default Short Term Technical Analysis for Majors (08:45 GMT)

EUR/USD
The single currency extends its near-term weakness off 1.3282, yesterday’s high, where short-term rally was limited, just ahead of key barrier at 1.3290/1.3300. Brief consolidation above initial support at 1.3200, was short-lived, as more negative data from Eurozone, increased pressure on that pair. Near-term studies weakened further, as the price broke below 1.3200/1.3172 supports, with immediate focus at 1.3157, 27 Apr low and 1.3138, 50% retracement of 1.2993/1.3282 upleg, ahead of more significant support at 1.3100, 23 Apr low / Fib 61.8%. Previous support at 1.3200, now reverts to initial resistance.

Res: 1.3200, 1.3232, 1.3243, 1.3269
Sup: 1.3157, 1.3138, 1.3123, 1.3100





GBP/USD
Commences the third leg of reversal from 1.6300, 30 Apr fresh 8-month high, after initial attempt to create base at 1.6200 zone failed and recovery attempt being capped at 1.6240 zone. Fresh weakness tests lower levels of 1.6200/1.6185 support zone, with break here to expose next support, at 1.6152, 27 Apr low / 55 day EMA and Fibonacci 38.2%level at 1.6115. Negative tone on near-term studies keeps the downside favored for now and only lift above 1.6250 would improve and avert immediate downside risk. Daily studies, close to extreme points, see risk of stronger reversal.

Res: 1.6234, 1.6250, 1.6300, 1.6350
Sup: 1.6185, 1.6152, 1.6115, 1.6100





USD/JPY
Yesterday’s bounce off 79.63 fresh 6-month low and 90 day MA, averted immediate downside risk and improved the near-term structure, as price broke above initial barriers at 80.00 and 80.28. However, this is still seen as corrective movement, as larger picture remains firmly bearish. While the price holds below next strong barriers, round figure resistance at 81.00 and main bear-trendline off 84.08 high, at 81.15, risk of further retracement of 76.00/84.17 rally still exists

Res: 80.65, 80.85, 81.00, 81.20
Sup: 80.25, 80.00, 79.63, 79.52





USD/CHF
The pair remains in a near-term bullish mode, as fresh rally off 0.9070 zone, overnight’s lows and consolidation floor, surged through initial barrier at 0.9100. Gains have so far retraced 38.2% of 0.9250/0.9041 descend, testing breakpoint zone at 0.9120/30, also daily triangle resistance, clearance of which to signal stronger recovery and expose 0.9170, 23 Apr high / Fib 61.8%. Positive tone on near-term studies, sees the pair near-term price action supported, however, overextended conditions on hourly chart, suggest a pause in recent strong gains.

Res: 0.9130, 0.9145, 0.9170, 0.9200
Sup: 0.9100, 0.9072, 0.9050, 0.9041

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