EUR/USD
Break above triangular reversal on 05 Oct has triggered fresh gains through 61.8% Fibonacci level at 1.3891, to post fresh high at 1.4027 yesterday. Sharp reversal followed, finding support at 1.3856 for now. Fresh strength off here needs to hold above 1.3900/1.3856 to keep immediate bulls in play for retest of 1.4027 and possible extension towards 1.4100 zone on a break. Loss of 1.3856, however, warns of deeper correction and exposes 1.3800 next.
Res: 1.3961, 1.3996, 1.4027, 1.4100
Sup: 1.3900, 1.3856, 1.3805, 1.3797
GBP/USD
Yesterday’s break above 1.5997, 06 Aug previous high, has posted a fresh high at 1.6016, highest level since Feb, ahead of sharp pullback to 1.5824. Recovery attempt failed at 1.5898, with renewed attempt at 1.5824 underway. Loss of the latter would trigger fresh weakness towards 1.5750. Upside, regain of 1.5898 is needed to firm.
Res: 1.5898, 1.5916, 1.5955, 1.5997
Sup: 1.5821, 1.5790, 1.5750, 1.5705
USD/JPY
Extended the recent weakness to post fresh low at 82.10 yesterday. Brief consolidation followed, ahead of fresh push lower, as hourly studies remain negative, and below 82.10 to target 81.77, May 1995 low first. Further weakness would look for 81.50/31. Upside, 82.50/71 zone offers immediate cap.
Res: 82.51, 81.71, 83.02, 83.32
Sup: 82.10, 81.77, 81.50, 81.31
USD/CHF
Bounces off 0.9553, yesterday’s fresh all-time low, to break above the previous high of 0.9683, extending to 0.9699. This may signal a pause in the latest downtrend and spark stronger correction towards 0.9737/85. Loss of 0.9553, however, resumes the downtrend and exposes 0.9416 next.
Res: 0.9699, 0.9706, 0.9737, 0.9785
Sup: 0.9628, 0.9600, 0.9581, 0.9553
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08-10-2010, 10:52 AM #1
Short Term Technical Analysis for Majors (09:10 GMT)
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