EUR/USD
The latest upleg off 1.2479, 06 July higher low, stalled at 1.2721 last Friday, ahead of reversal. Market is now approaching 1.2552, break of which would attract test of key 1.2479. Loss here would trigger fresh weakness and suggest a key lower top is in place. Upside, regain of 1.2648 is needed to improve and turn focus back to 1.2621/38.
Res: 1.2648, 1.2682, 1.2721, 1.2738
Sup: 1.2552, 1.2508, 1.2479, 1.2432
GBP/USD
Last weeks break under multi-week trend channel support hints at the end of the corrective phase off 1.4230. Further weakness under the 1.4854, 38.2% retracement of 1.4230/1.5239 upleg, would increase the probability of a lower high at 1.5239 and open 1.4730/1.4609 next.
Res: 1.5079, 1.5100, 1.5126, 1.5204
Sup: 1.4937, 1.4871, 1.4854, 1.4800
USD/JPY
Recovery phase off 86.96/87.01 base now approaching 89.19/21, trendline resistance / 38.2% retracement of 92.87/86.96 decline. Break here would open 89.50 next. Break below support at 88.56/25 is needed to suggest a key lower top in place.
Res: 89.21, 89.50, 89.78, 89.98
Sup: 88.56, 88.25, 87.99, 87.62
USD/CHF
Has extended recent bear phase to reach 1.0480 so far, just above key 1.0433, 01 Apr low. Recent consolidation could suggest a basing and the latest break above 1.0600 now looks for test of 1.0695. Downside, loss of 1.0526 risks a return back to 1.0480.
Res: 1.0655, 1.0675, 1.0695, 1.0749
Sup: 1.0540, 1.0526, 1.0480, 1.0433
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12-07-2010, 09:33 AM #1
Short Term Technical Analysis for Majors (08:15 GMT)
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