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Old 26-06-12, 08:31
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Default Short Term Technical Analysis for Majors (07:00 GMT)

EUR/USD
The near-term price action moves in a consolidative mode after finding footstep at 1.2470 yesterday, but overall bearish tone remains intact for now. Recovery above 1.2500 handle was for now limited by initial resistance, also 55 day EMA, at 1.2520 zone, however, with hourly indicators pointing higher, potential exists for further correction. Strong barriers at 1.2580/1.2600 are expected to limit upside movements and only break here would allow for stronger bounce. On the downside, strong supports lie at 1.2470 and 1.2440 zone.

Res: 1.2523, 1.2550, 1.2580, 1.2600
Sup: 1.2470, 1.2462, 1.2440, 1.2409





GBP/USD
Corrective action off yesterday’s low at 1.5538, is approaching strong barrier at 1.5600, previous range top / bear-trendline off 1.5776, 20 June high. Break here is required to open way for further recovery and expose next barriers at 1.5633 and 1.5650, as hourly studies are moving higher. Larger picture studies maintain negative tone, however, basing attempt at 1.5538 requires break above 1.5600/33 to confirm. Penetration of 1.5500, from the other side, would be bearish and signal further extension lower, for test of significant supports at 1.5460 and 1.5400.

Res: 1.5600, 1.5633, 1.5650, 1.5700
Sup: 1.5562, 1.5538, 1.5521, 1.5500




USD/JPY
The pair moves in a near-term consolidative mode, holding within 79.42/77 range, following an upside failure at 80.60 and subsequent slide under strong supports at 80.00 and 79.80. Hourly studies are in the negative territory, while 4H chart ones are about to break below the centrelines that will signal fresh extension lower and possible test of 79.00. Previous supports at 79.80/80.00 are now acting as initial resistance and only clear break higher, would improve the near-term picture.

Res: 79.80, 80.00, 80.21, 80.50
Sup: 79.42, 79.38, 79.10, 79.00





USD/CHF
Consolidates the latest rally through 0.9600 barrier that peaked at 0.9627 yesterday, just ahead of our targets at 0.9636/60 zone. Four-hour chart studies maintain positive tone and see scope for further retracement of 0.9769/0.9420 descend, however, MACD bearish divergence, seen on a hourly chart, increases risk of fresh weakness. Initial support at 0.9590 holds the downside for now, with break lower to expose 0.9562, Fib 38.2% and strong support at 0.9542, 22 June low / 50% retracement.

Res: 0.9627, 0.9636, 0.9650, 0.9675
Sup: 0.9590, 0.9550, 0.9541, 0.9500

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