Thread: Short Term Technical Analysis for Majors (07:45 GMT)

EUR/USD

Maintains negative one off 1.3691, 12 Apr high, with the latest bounce from 1.3201, 23 Apr low, attempting to leave a lower top at 1.3398. If this is confirmed, then fresh relapse towards key 1.3201/1.3190 lows is likely, and potential break here to extend weakness. Break above 1.3398/1.3422, however, will delay immediate bears and open way for stronger correction.


Res: 1.3345, 1.3356, 1.3422, 1.3448
Sup: 1.3332, 1.3268, 1.3201, 1.3190




GBP/USD

Renewed attempt higher off 1.5294, 23 Apr higher low has cleared 1.5428, trendline resistance, and 1.5472, 22 Apr lower top, en-route to key 1.5523, 15 Apr peak. Potential break here would open a fresh leg higher off 1.4780, yearly low, though, over-extended hourly studies warn of correction. However, failure under 1.5523 may signal return to weakness and below 1.5294/1.5190 to re-focus 1.4780.

Res: 1.5508, 1.5520, 1.5575, 1.5635
Sup: 1.5413, 1.5350, 1.5294, 1.5256




USD/JPY

Remains in uptrend off 92.72 higher low, with the latest attempt through 94.25, 07 Apr high, looking for test of key 94.77, 05 Apr peak. Break here is required to extend short-term recovery from 91.58, 19 Apr low, with test of 95.05, 61.8% retracement of 101.43/84.81 downleg, seen next. 93.29, 23 Apr low, offers initial support and break there would delay immediate bulls.

Res: 94.35, 94.60, 94.77, 95.05
Sup: 93.90, 93.45, 93.29, 92.72




USD/CHF

Correction from 1.0848, 23 Apr peak, is attempting to leave a higher low, ahead of extension of upleg from 1.0500, 14 Apr higher low. Clearance of 1.0848 is needed to re-focus key 1.0898, 19 Feb yearly high, and potential break higher to resume correction from 0.9916, 26 Nov 2009 low. 1.0711 offers support for now and only break below 1.0674, 22 Apr low, would delay bulls.

Res: 1.0808, 1.0848, 1.0898, 1.0940
Sup: 1.0711, 1.0674, 1.0657, 1.0618

EURUSD Update 26.04.2010:

EURO-DOLLAR: Picking up confirmation of bid interest at $1.3320, more
toward $1.3300.

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