EUR/USD
Continues to trend higher, after downside rejection at 1.2868, seen today. Market now looks for test of 1.3006, last Friday’s high, break of which would expose 1.3073, 61.8% of 1.3816/1.1875 decline, then 1.3075, 10 May low, with possible attempt at 1.3123, 38.2% of 1.5411/1.1875 fall. Below, 1.2868 underpins the advance, and only break below 1.2802/1.2776 support are to delay bulls.
Res: 1.3006, 1.3073, 1.3095, 1.3123
Sup: 1.2868, 1.2835, 1.2800, 1.2776
GBP/USD
Reversal from 1.5470, 15 July high, has so far retraced over 38.2% of 1.4947/1.5470 upleg, with today’s break below the neckline of the hourly head and shoulders pattern at 1.5270 opening way for 1.5209 and 1.5148, 50%/61.8% next. Upside remains capped by 1.5350 for now.
Res: 1.5350, 1.5396, 1.5445, 1.5470
Sup: 1.5209, 1.5187, 1.5148, 1.5085
USD/JPY
Extended decline from 89.14 lower top, with loss of 86.96, 01 July low, extending losses to 86.25 thus far. Minor correction followed, with fresh weakness under way, and below 86.25 to target 85.85, possibly 84.80, 2009 low. 87.58 now offers immediate cap.
Res: 87.35, 87.58, 88.00, 88.26
Sup: 86.47, 86.25, 86.15, 85.85
USD/CHF
Attempts to extend the recovery from 1.0399/1.0402, 16/15 July lows, as 1.0445 may mark higher low. Break above 1.0545 would confirm and open way towards 1.0617, ahead of key 1.0675, 12 July high. Below, loss of 1.0399 ends recovery and opens 1.0366/00 instead.
Res: 1.0545, 1.0560, 1.0617, 1.0645
Sup: 1.0480, 1.0445, 1.0421, 1.0399
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19-07-2010, 03:39 PM #1
Short Term Technical Analysis for Majors (14:20 GMT)
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