EUR/USD
Holding below 1.2451, 28 May spike high, confirms the bear structure. Market probed under key 1.2153/34 support, to hit fresh annual low at 1.2110 today. Further downside targets 1.1826 and 1.1640, 2006/2005 lows, respectively. For now, only regain of 1.2296/1.2334 would delay immediate bears.
Res: 1.2244, 1.2300, 1.2334, 1.2381
Sup: 1.2153, 1.2110, 1.1980, 1.1952
GBP/USD
Extends recovery off 1.4230 annual low, with 1.4610 being reached on 28 May, ahead of shallow correction. Fresh strength from 1.4399, yesterday’s higher low, has cleared 1.4610 barrier today, en-route to 1.4720/33 zone. 1.4437/1.4399 now underpins the advance.
Res: 1.4704, 1.4720, 1.4733, 1.4795
Sup: 1.4548, 1.4437, 1.4399, 1.4365
USD/JPY
Maintains positive structure off 88.95/89.21, with 91.21 seen so far. Reversal broke briefly under 90.58, to reach 90.53, ahead of rally. Immediate barrier now stands at 91.61 and break here is required to resume higher, otherwise, risk is seen of a lower top, ahead of possible retest of 90.53. However, only loss of the latter weakens the outlook.
Res: 91.61, 91.86, 92.14, 92.42
Sup: 90.53, 90.19, 89.91, 89.80
USD/CHF
Break up through 1.1592/1.1623 completes a bull flag that resumes underlying strength, to hit 1.1730, ahead of sharp reversal. Today's low at 1.1522 offers immediate support, and higher low above here is sought, ahead of fresh strength. Break below 1.1522, however, weakens and opens 1.1479/49 instead.
Res: 1.1655, 1.1694, 1.1730, 1.1742
Sup: 1.1522, 1.1479, 1.1449, 1.1417
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01-06-2010, 04:09 PM #1
Short Term Technical Analysis for Majors (14:15 GMT)
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