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Old 25-06-12, 09:29
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Default Short Term Technical Analysis for Majors (07:00 GMT)

EUR/USD
The negative sentiment continues to drive euro lower at the beginning of the week, as continuation of the strongest sell-off in past six months. After rather quiet movements overnight, the pair accelerates losses at the beginning of European session. Break below last week’s low at 1.2518, also 50% of 1.2287/1.2745 ascend and slide under 1.2500 handle, opens way towards Fib 61.8% support at 1.2462 and higher platform at 1.2440 zone. Strong barriers at 1.2580/1.2600 zone are expected to cap any corrective movements, while only firm break above 1.2600 would ease bear pressure.

Res: 1.2547, 1.2543, 1.2580, 1.2600
Sup: 1.2462, 1.2440, 1.2409, 1.2400





GBP/USD
Extends short-term weakness off 1.5776, 20 June high, as price broke below Fib 38.2% of 1.5267/1.5776 rally at 1.5581, last Friday. Brief consolidation above 1.5600 was limited by descending hourly 20 day EMA, with today’s fresh weakness threatening Friday’s low at 1.5555, loss of which to focus 1.5521, 50% retracement and figure support at 1.5500. As near-term conditions remain negative, further weakness would be expected. At the upside, last Friday’s peak at 1.5633, along with 55 day EMA, offers solid resistance and only lift above here to provide relief.

Res: 1.5600, 1.5615, 1.5633, 1.5650
Sup: 1.5555, 1.5521, 1.5500, 1.5461





USD/JPY
Undergoes corrective pullback after strong rally through 79.80/80.00 barriers, tested our next target at 80.60. As hourly studies are running out of steam, with loss of bullish momentum and formation of MACD bearish divergence, the threat of further retracement of the latest rally increases. Price action approaches 80.00 support, with break through 80.00/79.80, also 38.2% of 78.80/80.60 ascend, risks sidelining near-term bulls.

Res: 80.21, 80.50, 80.60, 80.71
Sup: 80.00, 79.90, 79.80, 79.50





USD/CHF
Attempts through 0.9590/0.9600 barriers, to mark the third leg of recovery rally from 0.9420, last week’s base and confirms near-term double-bottom formation. Positive near-term studies are supportive for further gains, with clear break above 0.9600 to expose 0.9636, Fib 61.8 and another strong barrier at 0.9660 zone, 08/12 June peaks. Ascending 20 day EMA underpins the advance at 0.9576, while only break below 0.9541, last Friday’s consolidation range floor, would delay bulls.

Res: 0.9609, 0.9626, 0.9650, 0.9675
Sup: 0.9590, 0.9576, 0.9541, 0.9500

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