Thread: Short Term Technical Analysis for Majors (07:00 GMT)

EUR/USD

After today’s double top during the Asian session at 1.3775, EURUSD managed to break 31^st Dec low and so far found support at 1.3710, a break there would open 24^th Dec low and 38.2% Fibo of (1.3890-1.3295) at 1.3655 and next to 20^th Dec low at 1.3625 zone. On the upside, 1.3750 could offer resistance ahead of today’s high at 1.3775, in which a break there would open more to the upside towards 1.3790 and 1.3820 next.

Res: 1.3750, 1.3775, 1.3790, 1.3820
Sup: 1.3710, 1.3655, 1.3625, 1.3590



GBP/USD

Still on a higher lows pattern, cable managed to find resistance at 1.6600, 20 pips ahead of Aug 2011 highs, next target should be around 1.6745 , 2011 high. On the downside, support is found at 1.6545 and 1.6500 ahead of 1.6455 previous trading session low range. A break of 1.6455 would open downtrend towards 1.6395 and 1.6315

Res: 1.6600, 1.6620, 1.6695, 1.6745
Sup: 1.6545, 1.6500, 1.6455, 1.6395


USD/JPY

USDJPY is still testing 105.40 which would keep the uptrend intact of broken towards, 106.55, or even higher towards Sep 2008 high at 109.20 and Aug 2008 high at 110.65. on the downside short term supports are found 105.15 , 104.85 and 104.60, the latter would open acceleration towards 103.75 19^th to 23ed Dec lows.


Res: 105.40, 105.90, 106.55, 107.20
Sup: 105.15, 104.85, 104.65, 104.20



USDCHF

Failure “So far” to break last week’s high at 0.8970, the pair found ground around 0.8920 zone, a break today’s high would open more acceleration towards 0.9000 peak of 20^th Dec. only above 0.9050 would open an uptrend towards 0.9200 zone.
On the downside, below 0.8920 support is found at 0.8860-80 zone, ahead of 27^th Dec bottom at 0.8800

Res: 0.8920, 0.8880, 0.8860, 0.8800
Sup: 0.8970, 0.9000, 0.9050, 0.9105

GBPUSD has taken a strong position for the last couple of days, might hold there for a little bit longer...