EUR/USD
Continues to trade within a shallow corrective channel, following the latest 1.2920/1.2588 downleg. Recent lower tops at 1.2778 and 1.2741 should now cap for an eventual break under 1.2631/24 to trigger a drop through 1.2586 to 1.2522 next.
Res: 1.2741, 1.2778, 1.2833, 1.2880
Sup: 1.2631, 1.2624, 1.2608, 1.2586
GBP/USD
Yesterday’s break belwo1.5371 support extended losses to 1.5325, with hourly structure now favoring the formation of a shallow retrace, towards 1.5441, 27 August low. However, break above 1.5441/75 will warn of fresh recovery phase.
Res: 1.5441, 1.5475, 1.5533, 1.5573
Sup: 1.5335, 1.5322, 1.5296, 1.5250
USD/JPY
Maintains negative tone, recovery off 83.58 failed at 85.89. Fresh weakness has so far reached 83.81, confirming a lower ceiling at 85.59. Break under 83.81/58 opens 83.10/82.30 next, while 84.59/82 caps for now.
Res: 84.59, 84.82, 85.19, 85.46
Sup: 83.81, 83.58, 83.51, 83.10
USD/CHF
Continues to trend lower, targeting a major bear flag trendline at 1.0065, drawn off Mar 2008 low. Break here would signal significant medium to longer-term weakness, with immediate target standing at 0.9916, 2009 low, posted 26 Nov. Only regain of 1.0307 would ease bear pressure.
Res: 1.0224, 1.0250, 1.0275, 1.0307
Sup: 1.0130, 1.0100, 1.0065, 0.9980
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01-09-2010, 09:14 AM #1
Short Term Technical Analysis for Majors (08:00 GMT)
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