EUR/USD
Downside remains well supported at 1.3180/75, yesterday/13 Dec lows and 61.8% of 1.2968/1.3500 upleg, as the pullback from 1.3500 high found support at 1.3180 again, followed by fresh strength. Near-term studies are supportive for an attempt at 1.3377 lower top, break of which is required to continue gains for 1.3500 retest.
Res: 1.3365, 1.3377, 1.3440, 1.3500
Sup: 1.3278, 1.3233, 1.3180, 1.3163
GBP/USD
Reversal from 1.5910 accelerated losses after breaking through 1.5667/54 support zone, clearing 6-month trendline support, to reach 1.5529 low so far. Bounce from here is under way, with first group of resistances seen at 1.5654/67. Possible further recovery is seen limited by 1.5718/38, where a lower top is anticipated, ahead of fresh weakness to test 1.5529/10, with 1.5483, 30 Nov key near-term support been in sight.
Res: 1.5654, 1.5667, 1.5710, 1.5767
Sup: 1.5609, 1.5558, 1.5529, 1.5510
USD/JPY
Recent consolidation ceiling at 84.29/39 caps all upside attempts for now, as the latest two false breaks were followed by immediate pullbacks. Bears are testing 83.63, consolidation bottom, break of which would delay near term bulls and allow for stronger correction and possible retest of 82.83, 14 Dec higher low. Early downside rejection, however, would keep the recent tops retest in focus.
Res: 84.00, 84.32, 84.49, 84.60
Sup: 83.61, 83.16, 82.83, 82.33
USD/CHF
Extended reversal from 1.0064, 01 Dec high, through 0.9913, 08 Dec lower high, accelerating losses through 2-month trendline support, to reach 0.9560 so far, just above 0.9546, key short-term support. Correction higher run out of steam just ahead of 50% retracement of 0.9913/0.9560 decline at 0.9736, with fresh weakness exceeding the previous low, en-route to 0.9546. Break here to expose 0.9461 next. Only regain of 0.9732 improves the tone.
Res: 0.9650, 0.9710, 0.9732, 0.9735
Sup: 0.9546, 0.9461, 0.9400, 0.9350
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17-12-2010, 11:48 AM #1
Short Term Technical Analysis for Majors (10:00 GMT)
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