EUR/USD
Extended higher after clearing key 1.2789/1.2801/43 resistance zone, now focusing 1.2945, though overbought hourly conditions warn of correction. Key near-term support now stands at 1.2680, and possible break lower to delay immediate bulls in favor of stronger correction towards 1.2522.
Res: 1.2945, 1.3015, 1.3065, 1.3095
Sup: 1.2773, 1.2707, 1.2680, 1.2648
GBP/USD
Broke above 1.5304, 38.2% retracement of 1.7041/1.4230 descend, extending gains to 1.5393 thus far. Risk of lower top under 1.5500 zone still exists, as longer term structure is negative, and only break above 1.5500/25 to improve the outlook and resume recovery from 1.4230.
Res: 1.5393, 1.5413, 1.5485, 1.5498
Sup: 1.5201, 1.5187, 1.5143, 1.5085
USD/JPY
Renewed strength from 88.01 higher low, stalled at 89.10, just under 89.14, 12 July high, ahead of reversal. Break below trendline support at 88.30 and 88.01 confirmed a double top, with today’s break below 87.62/34 support, market now focuses key 87.01/86.96 support area, break of which would trigger fresh weakness towards 85.85/84.80 short-term. Above, 88.26 now caps.
Res: 87.99, 88.26, 88.62, 88.93
Sup: 87.01, 86.96, 86.60, 85.85
USD/CHF
Extended the long-term decline from 1.1730, 01 Jun annual low, to breach the 1.0433, 01 Apr reaction low. Bears seek 1.0366, 25 Jan low, ahead of 1.0317, 20 Janl ow. Regain of 1.0545 is needed to neutralize short-term bears.
Res: 1.0503, 1.0545, 1.0560, 1.0617
Sup: 1.0400, 1.0366, 1.0317, 1.0295
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15-07-2010, 03:40 PM #1
Short Term Technical Analysis for Majors (14:30 GMT)
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