Short Term Technical Analysis for Majors

Short Term Technical Analysis for Majors (08:00 GMT)

EUR/USD
Yesterday’s higher low at 1.2960 and clearance of previous high at 1.3044 has triggered fresh gains to 1.3143 so far, extending the corrective upleg from 1.2873 to near 50% retracement of 1.3431/1.2873 decline. Correction on overbought hourly conditions should reverse at 1.3040/20 zone, before fresh push higher. Key near-term resistance lies at 1.3217, 61.8% retracement , break of which would re-focus 1.3431.

Res: 1.3143, 1.3191, 1.3217, 1.3289
Sup: 1.3088, 1.3055, 1.3014, 1.2988

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GBP/USD
Maintains near-term uptrend from 1.5343. Clearance of 1.5659 resistance has sparked fresh gains to 1.5782 thus far, with focus now on key lower top at 1.5910. Break of the latter will confirm short-term bottom at 1.5343 and open way towards 1.60/1.61 zone. Failure under 1.5910, however, would signal a resumption of broader downtrend from 1.6297 peak.

Res: 1.5782, 1.5812, 1.5861, 1.5910
Sup: 1.5732, 1.5680, 1.5644, 1.5581

gbpusd_20110113080708.gif




USD/JPY
Continues to trade within narrow consolidative range after strong bounce off 80.92 low peaked at 83.67. Immediate scope remains for further recovery and possible retest of key short-term resistance zone at 84.38/49, to confirm higher low at 80.92 and continue correction from 80.24, 2010 bottom. Support at 82.67, range bottom, is expected to hold, though, further reversal towards 82.30 is not ruled out. Only loss of 82.00 would delay and turn focus lower.

Res: 83.48, 83.67, 83.90, 84.19
Sup: 82.80, 82.67, 82.62, 82.30

usdjpy_20110113080648.gif




USD/CHF
Has recovered over 61.8% of 1.0064/0.9301 decline at 0.9782 on 11 Jan, ahead of pullback. Temporary support was found at 0.9659, with fresh push higher attempting at 0.9782. Break here to resume the near-term uptrend and open 0.9849/82 next. Immediate support at 0.9659, while loss of 0.9594 delays for 0.9540/11. Downside loss of 0.9483, 61.8% of 0.9301/0.9782 upleg returns focus back to 0.9301.

Res: 0.9754, 0.9782, 0.9815, 0.9850
Sup: 0.9659, 0.9627, 0.9594, 0.9540

usdchf_20110113080624.gif
 
Short Term Technical Analysis for Majors (14:00 GMT)

EUR/USD
Shallow reversal from yesterday’s 1.3143 high was contained by 1.3080 zone, ahead of strong rally. Break through 1.3200/17 barriers has triggered sharp rally, eyeing 1.3290, then 1.3320/30 zone for retest. Hourly studies remain bullish, but overbought, with correction expected to precede fresh rally. Today’s higher low at 1.3088 is now key near-term support.

Res: 1.3289, 1.3330, 1.3378, 1.3415
Sup: 1.3188, 1.3143, 1.3088, 1.3055

eurusd_20110113140939.gif




GBP/USD
Sustained break above 1.5659 resistance cleared 1.5800 level, now focusing 1.5910, key short-term lower top for retest. Break of the latter will confirm short-term bottom at 1.5343 and open way towards 1.60/1.61 zone. Failure under 1.5910, however, would signal a resumption of broader downtrend from 1.6297 peak.


Res: 1.5861, 1.5910 , 1.5927, 1.5965
Sup: 1.5779, 1.5717, 1.5680, 1.5581

gbpusd_20110113140914.gif




USD/JPY
Fresh weakness followed an upside rejection at 83.48, breaking briefly through 82.67, key near-term support. Holding below the latter weakens near-term outlook and opens further reversal towards 82.30/00 zone. Upside, regain of 83.13/45 is needed to turn focus back to 83.67/84.49.

Res: 83.13, 83.48, 83.67, 83.90
Sup: 82.53, 82.30, 82.00, 81.87

usdjpy_20110113140849.gif



USD/CHF
Today’s upside attempt failed at 0.9762, just under 0.9782 recovery peak, with subsequent reversal extending losses through 0.9659, initial support. Immediate focus is now at 0.9628 and 0.9594, key near-term support, loss of which would open way for stronger reversal of 0.9301/0.9782 upleg.

Res: 0.9659, 0.9687, 0.9735, 0.9762
Sup: 0.9628, 0.9594, 0.9540, 0.9515

usdchf_20110113140818.gif
 
Short Term Technical Analysis for Majors (08:00 GMT)

EUR/USD
Strong rally that emerged from yesterday’s higher low at 1.3088 extended the latest recovery off 1.2872, to test 1.34 level so far. Next targets lie at 1.3431, 04 Jan high and key 1.3497, 14 Dec 10 high, break of which is required to open fresh phase higher and confirm bottom at 1.2872. Today’s low at 1.3321 offers immediate support, with possible downside extension should be contained by 1.32 zone.

Res: 1.3431, 1.3459, 1.3594, 1.3631
Sup: 1.3321, 1.3265, 1.3188, 1.3143

eurusd_20110114083355.gif




GBP/USD
Recovery from 1.5404 is approaching key short-term resistance at 1.5910, 14 Dec 10 lower top. Market has so far reached 1.5388, ahead of consolidation. Immediate scope is for retest of 1.5910, with break here to confirm higher low at 1.5343 on a broader recovery from 1.4236. On the downside, 1.5779/17 zone is expected to hold corrective pullbacks to keep immediate bulls in play.

Res: 1.5865, 1.5910, 1.5927, 1.5965
Sup: 1.5779, 1.5717, 1.5680, 1.5581

gbpusd_20110114083335.gif




USD/JPY
Failure to regain 83.67 high and rejection at 83.48/45 has triggered reversal, with break through 82.67 range bottom and 60 day MA at 82.60, increasing risk of further weakness towards 82.30/00 zone, where bulls are expected reassert, to keep an uptrend from 80.98 in play. Otherwise, break below 82.00 to turn focus towards 80.92.

Res: 82.80, 83.13, 83.48, 83.67
Sup: 82.30, 82.00, 81.87, 81.67

usdjpy_20110114083310.gif



USD/CHF
Extends reversal after hitting fresh high at 0.9782, on a recovery from 0.9301. Market reached 0.9611 so far, though, while 0.9594, recent range bottom holds, immediate scope remains for fresh attempt higher to retest 0.9762/82 and possible extension of the latest recovery phase. Loss of 0.9594, however, would signal deeper reversal and open 0.9540/0.9485, 50% / 61.8% retracement levels of 0.9301/0.9782 upleg next.

Res: 0.9659, 0.9670, 0.9735, 0.9762
Sup: 0.9600, 0.9594, 0.9540, 0.9515

usdchf_20110114083234.gif
 
Short Term Technical Analysis for Majors (08:00 GMT)

EUR/USD
Bounce off 1.2872 has briefly cleared one month bear channel resistance at 1.3390 to fully retrace1.3431/1.2872 downleg. Failure to sustain gains and break above key short-term resistance at 1.3500, however, opens way for correction, with 1.3200 zone expected to hold, to keep immediate bulls in play. Break through 1.3457/1.3500 area is required to confirm bottom at 1.2872 and open fresh phase higher.

Res: 1.3384, 1.3400, 1.3431, 1.3457
Sup: 1.3235, 1.3188, 1.3165, 1.3143

eurusd_20110117081227.gif




GBP/USD
Maintains the short-term uptrend from 1.5343/1.5404. Last week’s clearance of 1.5659 extended gains, approaching key near-term resistance at 1.5910, break of which would confirm higher low at 1.5343 and spark further recovery towards 1.60/61 zone. Initial supports lie at 1.5800/1.5770, while further dips should be contained by 1.5720/00, to keep immediate bulls in play.

Res: 1.5887, 1.5910, 1.5927, 1.5965
Sup: 1.5834, 1.5809, 1.5779, 1.5717

gbpusd_20110117081202.gif




USD/JPY
Failure to regain 83.67 high and rejection at 83.48/45 has triggered reversal, with break through 82.67 range bottom and 60 day MA at 82.60, increasing risk of further weakness towards 82.30/00 zone, with 82.40 seen so far. Fresh strength from here needs to clear 83.05/14 to resume towards 83.48/67, break of which will confirm higher low at 82.40.
Loss of 82.40, however, risks deeper reversal towards 82.00 zone.

Res: 83.05, 83.14, 83.48, 83.67
Sup: 82.77, 82.40, 82.30, 82.00

usdjpy_20110117081139.gif




USD/CHF
Extends reversal after hitting fresh high at 0.9782, on a recovery from 0.9301. Market reached 0.9613 so far, though, while 0.9594, recent range bottom holds, immediate scope remains for fresh attempt higher to retest 0.9762/82 and possible extension of the latest recovery phase. Loss of 0.9594, however, would signal deeper reversal and open 0.9540/0.9485, 50% / 61.8% retracement levels of 0.9301/0.9782 upleg next.

Res: 0.9685, 0.9735, 0.9762, 0.9782
Sup: 0.9603, 0.9594, 0.9540, 0.9515

usdchf_20110117081105.gif
 
Short Term Technical Analysis for Majors (14:00 GMT)

EUR/USD
Extends pullback after the latest surge through 1.3431 previous high, failed to regain key short-term resistance at 1.3500. Market retraced near 38.2% of 1.2872/1.3457 upleg at 1.3243, so far. Near-term studies see scope for further reversal towards 1.3200/1.3165 area, possibly 1.3100 zone on a break. Loss of the latter would, however, re-focus 1.2872.

Res: 1.3341, 1.3384, 1.3400, 1.3431
Sup: 1.3243, 1.3235, 1.3188, 1.3165

eurusd_20110117143409.gif




GBP/USD
The recent strength off 1.5343/1.5404 zone has finally cleared 1.5910, key short-term resistance, confirming higher low at 1.5343 and opening way for fresh extension towards 1.5965 next. Initial support lies at 1.58/1.5780 zone, while only loss of 1.5680 delays immediate bulls.

Res: 1.5953, 1.5965, 1.6000, 1.6095
Sup: 1.5885, 1.5834, 1.5809, 1.5779

gbpusd_20110117143344.gif





USD/JPY
Remains in a downtrend off 83.67/45, to reach fresh low at 82.34 after recovery attempt from Friday’s 82.40 low stalled at 83.05. Break below 82.34/27 support zone opens 81.97, 61.8% of 80.92/83.67 ascend, loss of which would confirm lower top at 83.67 and open 81.67, possibly 80.92 on a break. Only regain of 83.15/45 improves, while clearance of 83.67 needed to resume recovery towards 83.90/84.19.

Res: 83.05, 83.14, 83.48, 83.67
Sup: 82.34, 82.27, 82.00, 81.67

usdjpy_20110117143319.gif




USD/CHF
Extends reversal after hitting fresh high at 0.9782, on a recovery from 0.9301. Market reached 0.9603 low so far, though, and while 0.9594, recent range bottom holds, immediate scope remains for fresh attempt higher to retest 0.9762/82 and possible extension of the latest recovery phase. Loss of 0.9594, however, would signal deeper reversal and open 0.9540/0.9485, 50% / 61.8% retracement levels of 0.9301/0.9782 upleg next.

Res: 0.9685, 0.9735, 0.9762, 0.9782
Sup: 0.9603, 0.9594, 0.9540, 0.9515

usdchf_20110117143244.gif
 
Short Term Technical Analysis for Majors (08:00 GMT)

EUR/USD
Bounce off 1.2872 initially failed on attempt at key short-term resistance at 1.35, stalling at 1.3457. Corrective pullback is so far supported by 1.3240/00 zone and fresh strength required to clear 1.3457/1.35, to signal fresh recovery phase towards 1.3784. Failure under 1.35, however, would suggest an extension of one month bear channel and keep focus at 1.2872 Jan low.

Res: 1.3366, 1.3384, 1.3400, 1.3431
Sup: 1.3302, 1.3252, 1.3243, 1.3235

eurusd_20110118081041.gif




GBP/USD
Continues to trend higher, following break above key resistance at 1.5910. This confirms higher low at 1.5343 and turns immediate focus is 1.6080/90 zone , though, daily studies are approaching overbought zone, and suggesting correction. Immediate support lies at 1.5830/00 area, with possible further reversal expected to reverse at 1.5780/50 zone.

Res: 1.6000, 1.6080, 1.6095, 1.6152
Sup: 1.5885, 1.5868, 1.5834, 1.5809

gbpusd_20110118081022.gif




USD/JPY
Upside rejection at 83.67 and reversal of nearly 50% of 80.92/83.67 upleg suggests near-term top, ahead of further extension lower, with break below 82.30 to look for test of 82.00/81.65 zone, and possible return to 80.92, key short-term support. Upside, regain of 83.00 is needed to improve the tone for 83.45 and 83.67 retest.

Res: 82.79, 83.05, 83.14, 83.45
Sup: 82.34, 82.27, 82.00, 81.67

usdjpy_20110118081001.gif




USD/CHF
Break below the latest consolidation floor at 0.9594, following an upside rejection at 0.9782, now suggests further reversal. Market has so far reached 0.9555, just above 50% retracement of 0.9301/0.9782 upleg, and break here to focus 0.9486, 61.8% next, loss of which would signal an end of corrective phase off 0.9301. Early downside rejection, however, would suggest higher low, though regain of 0.9685/0.9705 zone is required to confirm.

Res: 0.9600, 0.9630, 0.9685, 0.9705
Sup: 0.9555, 0.9540, 0.9515, 0.9486

usdchf_20110118080734.gif
 
Short Term Technical Analysis for Majors (14:00 GMT)

EUR/USD
Reversal from 1.3457, 14 Jan peak has found support at 1.3243, just above 38.2% retracement of 1.2872/1.3457 ascend, ahead of fresh strength. Break above 1.3400 barrier now looks for retest of 1.3457, ahead of key 1.35 resistance, break of which is needed to spark fresh phase higher. Immediate support lies at 1.33 zone, while possible loss of 1.3243 would put test of 1.35 on hold and signal deeper correction towards 1.3165.

Res: 1.3427, 1.3457, 1.3497, 1.3530
Sup: 1.3341, 1.3313, 1.3302, 1.3252

eurusd_20110118141010.gif




GBP/USD
Clearance of 1.5910, key near-term support has triggered fresh gains through 1.60, to hit 1.6058 high so far. Corrective pullback on overbought studies should be contained by 1.58 zone to keep immediate bulls in play, and through 1.6058 to target 1.6080/90.

Res: 1.6014, 1.6058, 1.6080, 1.6095
Sup: 1.5953, 1.5904, 1.5885, 1.5868

gbpusd_20110118140938.gif




USD/JPY
Upside rejection at 83.67 and reversal of nearly 50% of 80.92/83.67 upleg suggests near-term top, ahead of further extension lower, with break below 82.30 to look for test of 82.00/81.65 zone, and possible return to 80.92, key short-term support. Upside, regain of 83.00 is needed to improve the tone for 83.45 and 83.67 retest.

Res: 82.79, 83.05, 83.14, 83.45
Sup: 82.27, 82.00, 81.67, 81.27

usdjpy_20110118140856.gif




USD/CHF
Break below the latest consolidation floor at 0.9594, following an upside rejection at 0.9782, now suggests further reversal. Market has so far reached 0.9555, just above 50% retracement of 0.9301/0.9782 upleg, and break here to focus 0.9486, 61.8% next, loss of which would signal an end of corrective phase off 0.9301. Early downside rejection, however, would suggest higher low, though regain of 0.9685/0.9705 zone is required to confirm.

Res: 0.9600, 0.9630, 0.9685, 0.9705
Sup: 0.9555, 0.9540, 0.9515, 0.9486

usdchf_20110118140822.gif
 
Short Term Technical Analysis for Majors (08:00 GMT)

EUR/USD
Renewed strength from 1.3243/52, 17/18 Jan higher lows attempts at key short-term resistance at 1.35, hitting fresh monthly high at 1.3503 so far. Sustained break here to signal fresh phase higher and open way towards 1.3573, 50% retracement of 1.4280/1.2872 decline and 1.3632, 23 Nov 10 high, next. Downside, 1.3263/43 offers strong support and expected to contain corrective pullbacks for now.

Res: 1.3503, 1.3530, 1.3573, 1.3632
Sup: 1.3460, 1.3355, 1.3313, 1.3302

eurusd_20110119080235.gif




GBP/USD
Extension of the uptrend from 1.5404 after break through 1.5910 resistance, peaked at 1.6058 yesterday. Corrective pullback found support at 1.5931, with renewed strength looking for break of 1.6058 to test 1.6080/90 zone next. Above here opens 1.6183 and longer-term trendline resistance at 1.6237. Downside, 1.58 area is expected to contain pullbacks.

Res: 1.6058, 1.6080, 1.6095, 1.6152
Sup: 1.5953, 1.5931, 1.5885, 1.5834

gbpusd_20110119080213.gif




USD/JPY
Continues to channel lower following an upside rejection at 83.67. Succession of lower highs keeps the downside in focus. Yesterday’s break below 82.32 low looking for test of 81.97, 61.8% retracement of 80.92/83.67 ascend, loss of which would open 81.67, possibly 80.92 on a break. Immediate resistance at 82.80/83.05 must be cleared to improve the near-term tone.

Res: 82.32, 82.79, 83.05, 83.14
Sup: 82.00, 81.67, 81.27, 80.92

usdjpy_20110119080140.gif




USD/CHF
Break below the latest consolidation floor at 0.9594, following an upside rejection at 0.9782, now suggests further reversal. Market has so far reached 0.9549, just above 50% retracement of 0.9301/0.9782 upleg, and break here to focus 0.9486, 61.8% next, loss of which would signal an end of corrective phase off 0.9301. Early downside rejection, however, would suggest higher low, though regain of 0.9685/0.9705 zone is required to confirm.

Res: 0.9600, 0.9654, 0.9685, 0.9705
Sup: 0.9555, 0.9540, 0.9515, 0.9486

usdchf_20110119080110.gif
 
Short Term Technical Analysis for Majors (08:00 GMT)

EUR/USD
Failed to hold gains following yesterday’s break above 1.35, key short-term resistance, with immediate pullback extending to 1.3423, 38.2% retracement of the latest 1.3252/1.3537 rally. Holding below 1.35, however, maintains the negative tone off 1.3784 lower high and increases risk of further decline towards 1.3357 and 1.3252/43 higher platform. Clear break above 1.35 is required to continue near-term bulls and open 1.3632 next.

Res: 1.3486, 1.3508, 1.3537, 1.3573
Sup: 1.3423, 1.3355, 1.3252, 1.3243

eurusd_20110120081444.gif




GBP/USD
Underwent narrow corrective/consolidation phase after peaking at 1.6058 on 18 Jan and yesterday’s upside failure at 1.6035.. Holding above 1.5910 keeps short-term bulls in play, with fresh attempt at/ through 1.6058 to extend gains towards 1.6083/93 zone next. Loss of 1.5910 would weaken the near-term structure, while break below 1.5810/1.5760, higher low, 60 day MA would signal current bulls on hold in favor of stronger reversal.

Res: 1.6000, 1.6035, 1.6058, 1.6080
Sup: 1.5908, 1.5868, 1.5806, 1.5729


gbpusd_20110120081423.gif



USD/JPY
Latest weakness from 83.67, 07 Jan peak, broke below key near-term support at 82.00, 61.8% Fibonacci retracement of 80.92/83.67 upleg. This confirms 83.67 as lower high of the broader downtrend from 84.49 and looks for downside test of 81.67 and 80.92, break of which will focus key 80.24 multiyear low. At the upside, 82.80/83.05 offers strong resistance and break here to improve near-term negative tone.

Res: 82.30, 82.79, 83.05, 83.14
Sup: 81.86, 81.67, 81.27, 80.92

usdjpy_20110120081341.gif




USD/CHF
Extends reversal following the upside failure of the recent recovery attempt from 0.9301 at 0.9782. Over 50% has so far been retraced at 0.9518, with 0.9487, 61.8 Fibonacci retracement, marking the key support, break of which would signal an end of recovery and re-focus 0.9306/01 historical lows. Rejection above 0.9487, however, keeps recovery in play, but regain of 0.9631/54 is needed to signal fresh strength.

Res: 0.9576, 0.9631, 0.9654, 0.9685
Sup: 0.9518, 0.9487, 0.9462, 0.9412

usdchf_20110120081310.gif
 
Re: Short Term Technical Analysis for Majors (Updated 2xDaily)

EUR/USD
Reversal off yesterday’s 1.3537 fresh one-month high, extended lower to 1.3417, ahead of fresh attempt at 1.35 barrier. Repeated failure to sustain gains above the latter, keeps overall tone negative, with loss of 1.3252/43 key near-term support to signal fresh weakness and expose 1.3088 next. Clear break above 1.35, however, would signal fresh phase higher, with 1.3632 seen next.

Res: 1.3522, 1.3537, 1.3573, 1.3632
Sup: 1.3417, 1.3355, 1.3252, 1.3243

eurusd_20110120135043.gif




GBP/USD
Underwent narrow corrective/consolidation phase after peaking at 1.6058 on 18 Jan and yesterday’s upside failure at 1.6035. Holding above 1.5910 keeps short-term bulls in play, with fresh attempt at/ through 1.6058 to extend gains towards 1.6083/93 zone next. Loss of 1.5910 would weaken the near-term structure, while break below 1.5810/1.5760, higher low, 60 day MA would signal current bulls on hold in favor of stronger reversal.

Res: 1.6008, 1.6035, 1.6058, 1.6080
Sup: 1.5908, 1.5868, 1.5806, 1.5729

gbpusd_20110120135020.gif



USD/JPY
Reversal from 83.67, 07 Jan peak, broke below key near-term support at 82.00, 61.8% Fibonacci retracement of 80.92/83.67 upleg, extending losses to 81.84, just above 81.67, 04 Jan higher low. Temporary support was found at 81.84, with strength emerging from here required to break above 82.80/83.05 resistance zone, to signal further recovery towards 83.45/67. Otherwise, lower top and fresh attempt at 81.67/80.92 would be likely scenario.

Res: 82.81, 83.05, 83.14, 83.45
Sup: 81.84, 81.67, 81.27, 80.92

usdjpy_20110120134953.gif




USD/CHF
Extends reversal, following the upside failure of the recent recovery attempt from 0.9301 at 0.9782. Over 50% has so far been retraced at 0.9518, where temporary support was found. Recovery attempt needs to clear 0.9631/54 to signal further gains towards 0.9675/85. Failure under the latter, however, would suggest forming a lower high and continuation of the near-term bear trend from 83.67, with focus on 0.9485.

Res: 0.9631, 0.9654, 0.9675, 0.9685,
Sup: 0.9525, 0.9518, 0.9487, 0.9462

usdchf_20110120134922.gif
 
Short Term Technical Analysis for Majors (08:00 GMT)

EUR/USD
Trades in a consolidative mode after the upside rejection at 1.3537 on 19 Jan. Support was found at 1.3395 yesterday, with fresh strength attempting again through 1.35. We need to see a clear break above 1.3537 to confirm resumption of the broader uptrend from 1.2873 and to focus 1.3630. Holding below 1.3535/00, however, keeps the risk of stronger reversal in play. Main near-term support lies at 1.3243 and should contain dips to keep immediate bulls in play.

Res: 1.3537, 1.3573, 1.3632, 1.3738
Sup: 1.3448, 1.3417, 1.3395, 1.3355

eurusd_20110121081730.gif




GBP/USD

Failure to regain 1.6058 peak and further extension of reversal from here, increases risk of deeper correction and putting attempts higher on hold. Immediate support lies at 1.5808, 38.2% Fibonacci retracement of 1.5404/1.6058 ascend, loss of which would look for 1.5758, 60 day MA, where dips should be reversed, ahead of fresh push towards 1.6058. Break higher to expose 1.6083/93 next

Res: 1.5942, 1.6008, 1.6035, 1.6058
Sup: 1.5837, 1.5806, 1.5729, 1.5717

gbpusd_20110121081709.gif




USD/JPY
Break below 82.00 level was short-lived after support was found at 81.84 and fresh strength emerged, reversing over 61.8% of the latest 83.67/81.84 decline and regaining key near-term barrier at 83.05. This signals fresh near-term bull’s extension towards 83.45 and possible retest of 83.67, break of which to confirm higher low and resume recovery from 80.92 towards key short-term resistance at 84.49. However, correction from 83.11 yesterday’s fresh high, should hold above 82.60/50 to maintain immediate bulls.

Res: 83.11, 83.45, 83.67, 83.90
Sup: 82.63, 82.48, 82.32, 81.84

usdjpy_20110121081648.gif




USD/CHF
Extends reversal, following the upside failure of the recent recovery attempt from 0.9301 at 0.9782. Over 50% has so far been retraced at 0.9518, where temporary support was found. Recovery has so far reached 0.9683, 61.8% retracement of 0.9782/0.9518 decline, ahead of pullback on overbought hourly conditions. Dips need to hold above 0.96 area to keep near-term bulls in play for fresh push higher, with regain of 0.9683 to focus 0.9762/82. Loss of 0.96/0.9580 would however, signal a resumption of short-term downtrend from 0.9782.

Res: 0.9645, 0.9683, 0.9724, 0.9763,
Sup: 0.9607, 0.9600, 0.9582, 0.9525

usdchf_20110121081611.gif
 
Short Term Technical Analysis for Majors (14:00 GMT)

EUR/USD
Attempts to hold gains above 1.35 level, with 1.3566 seen so far, just under 1.3575, 50% retracement of 1.4280/1.2873 decline. Break here would suggest further strength developing and target key resistances at 1.3738 and 1.3784, 61.8% / 22 Nov 10 lower high. Potential rejection at/below 1.3566/75 zone may signal reversal preceding rally, while loss of 1.34 zone would delay near-term bulls.

Res: 1.3566, 1.3575, 1.3632, 1.3738
Sup: 1.3460, 1.3448, 1.3395, 1.3355

eurusd_20110121142041.gif





GBP/USD
Upside rejection above 1.60 has triggered sharp pullback to 1.5837, just above 1.5808, 38.2% Fibonacci retracement of 1.5404/1.6058 upleg, where the temporary support was found. 1.60 level now offers strong support and failure to break higher would signal stronger correction, with loss of 1.5837/08 to target 1.5732/17 next. Clearance of 1.60 and 1.6035 turn focus higher and potential break above 1.6058 to target 1.6095 next.

Res: 1.5996, 1.6008, 1.6035, 1.6058
Sup: 1.5943, 1.5880, 1.5866, 1.5837

gbpusd_20110121142018.gif




USD/JPY
Break below 82.00 level was short-lived after support was found at 81.84 and fresh strength emerged, reversing over 61.8% of the latest 83.67/81.84 decline and regaining key near-term barrier at 83.05. This signals fresh near-term bull’s extension towards 83.45 and possible retest of 83.67, break of which to confirm higher low and resume recovery from 80.92 towards key short-term resistance at 84.49. However, correction from 83.11 yesterday’s fresh high, should hold above 82.60/50 to maintain immediate bulls.

Res: 82.93, 83.11, 83.45, 83.67
Sup: 82.52, 82.32, 81.84, 81.67

usdjpy_20110121141958.gif




USD/CHF
Extends reversal, following the upside failure of the recent recovery attempt from 0.9301 at 0.9782. Over 50% has so far been retraced at 0.9518, where temporary support was found. Recovery has so far reached 0.9683, 61.8% retracement of 0.9782/0.9518 decline, ahead of pullback on overbought hourly conditions. Dips need to hold above 0.96 area to keep near-term bulls in play for fresh push higher, with regain of 0.9683 to focus 0.9762/82. Loss of 0.96/0.9580 would however, signal a resumption of short-term downtrend from 0.9782 and bring retest of 0.9518, key near-term support.

Res: 0.9645, 0.9683, 0.9724, 0.9763,
Sup: 0.9580, 0.9525, 0.9518, 0.9485

usdchf_20110121141925.gif
 
Short Term Technical Analysis for Majors (08:00 GMT)

EUR/USD
Continues to trend higher after pullback from yesterday’s 1.3640 high found support at 1.3539. Renewed strength reached fresh two-month high at 1.3685, with scope for test of 1.3738, 61.8% Fibonacci retracement of 1.4280/1.2873 downleg, and 1.3784, 22 Nov 10 high, break of which would bring in focus 1.4280. Immediate support lies at 1.3539.

Res: 1.3685, 1.3738, 1.3784, 1.3939
Sup: 1.3624, 1.3582, 1.3566, 1.3539

eurusd_20110125083019.gif




GBP/USD
Fresh strength off 1.5837, 20 Jan low remains capped by 1.6020 zone so far, keeping 1.6058 high intact. However, while initial support at 1.5920 holds, scope is seen for renewed attempt through 1.6020 and retest of 1.6058, break of which is required to resume recovery from 1.5343 and open 1.6083/93. Loss of 1.5920 would turn immediate focus at 1.5837, key near-term support, with potential loss of the latter to signal stronger reversal towards 1.5785, 38.2% retracement.

Res: 1.6016, 1.6037, 1.6058, 1.6083
Sup: 1.5920, 1.5866, 1.5837, 1.5785

gbpusd_20110125082913.gif






USD/JPY
Upside remains capped for now after fresh strength from 81.84 failed just under trendline resistance at 83.22. While holding below the latter, focus remains on test of 81.84, loss of which would signal an end of short-term recovery attempt from 80.92, and expose 81.67 next. Break above 83.10, however, opens way for further gains and possible retest of 83.67, clearance of which is required to resume recovery and expose key short-term resistance at 84.49.

Res: 82.76, 83.11, 83.45, 83.67
Sup: 82.32, 81.84, 81.67, 81.51

usdjpy_20110125082854.gif




USD/CHF
Upside rejection at 0.9685 and reversal that followed, have so far seen losses breaking below 0.9518/00 support zone and hitting a fresh low at 0.9468. Correction higher on oversold conditions is seen capped by 0.9565, trendline resistance, while regain of 0.9621 needed to signal recovery. Downside, loss of 0.9468 opens 0.9420/00, then 0.9365.

Res: 0.9518, 0.9525, 0.9565, 0.9596
Sup: 0.9468, 0.9420, 0.9400, 0.9365

usdchf_20110125082754.gif
 
Short Term Technical Analysis for Majors (16:00 GMT)

EUR/USD
Corrects lower after the latest push higher reached fresh high at 1.3685. Temporary support was found at 1.3627, ahead of key near-term support at 1.3539. Break above 1.3685 to trigger fresh strength towards 1.3738 and 1.3784. Loss of 1.3539, however, would suggest stronger reversal towards 1.3465 and 1.3400 zone.

Res: 1.3637, 1.3685, 1.3738, 1.3784
Sup: 1.3673, 1.3539, 1.3465, 1.3412

eurusd_20110125142349.gif




GBP/USD
Upside rejection at 1.6020 zone has triggered reversal, with loss of first support at 1.5920, accelerating decline through 1.5837/00 zone, to reach 1.5750 low so far. This turns near-term outlook negative, with correction higher expected to precede fresh weakness. 1.5835/65 offer initial resistance, though, regain of 1.5920 to suggest retest of 1.6020, possibly 1.6058 on a break. Downside, 1.5716, 120 days MA offers initial support, ahead of 1.5660/20 zone.

Res: 1.5837, 1.5865, 1.5920, 1.6016
Sup: 1.5750, 1.5716, 1.5700, 1.5660

gbpusd_20110125142244.gif




USD/JPY
Upside remains capped for now after fresh strength from 81.84 failed just under trendline resistance at 83.22. While holding below the latter, focus remains on test of 81.84, loss of which would signal an end of short-term recovery attempt from 80.92, and expose 81.67 next. Break above 83.10, however, opens way for further gains and possible retest of 83.67, clearance of which is required to resume recovery and expose key short-term resistance at 84.49.

Res: 82.63, 82.76, 83.11, 83.45
Sup: 82.25, 81.84, 81.67, 81.51

usdjpy_20110125142218.gif




USD/CHF
Fresh weakness on upside failure at 0.9685, broke below 0.9518/00 support zone, to extend losses to 0.9422 so far. This signals a possible end of recovery attempt from 0.9301, historical low. Corrective attempts are seen capped by 0.9520, while only regain of 0.9621 would signal fresh recovery. Downside, below 0.9420/00, targets 0.9365/01.

Res: 0.9493, 0.9520, 0.9550, 0.9565
Sup: 0.9420, 0.9400, 0.9365, 0.9301

usdchf_20110125142146.gif
 
Short Term Technical Analysis for Majors (08:00 GMT)

EUR/USD
Maintains short-term bulls from 1.2872 monthly low, continuing to post fresh two-month highs. Yesterday’s reversal from 1.3685 high has found support at 1.3573, ahead of regain of 1.37 level. Immediate upside target lies at 1.3738, 61.8% retracement of 1.4280/1.2873 decline, break of which would attract 1.3784, 22 Nov 2010 high and possibly to test 1.4050, longer-term trendline connecting 1.5140 and 1.1.4280, Nov 2009/Oct 2010 peaks. Downside, 1.3530/00 zone is expected to contain corrective pullbacks.

Res: 1.3738, 1.3784, 1.3824, 1.3886
Sup: 1.3656, 1.3605, 1.3573, 1.3539

eurusd_20110126082244.gif




GBP/USD
Double upside rejection at 1.6016 has triggered sharp reversal through key near-term supports at 1.5920 and 1.5837. Further decline lost 1.5800 level, extending down to 1.5750 so far and denting 1.5760, 60 day MA. Weakening near-term studies now see scope for lower high under 1.5920, ahead of fresh weakness towards 1.5700, 50% retracement of 1.5343/1.6058 upleg and 1.5650 zone further down. Potential break below 1.5617, 61.8% retracement would end the recovery attempt and expose 1.5404/1.5343 lows for retest. Upside, regain of 1.5920 to signal recovery and open 1.6016 next.

Res: 1.5837, 1.5865, 1.5920, 1.6016
Sup: 1.5750, 1.5716, 1.5700, 1.5660

gbpusd_20110126082145.gif




USD/JPY
Remains in short-term downtrend from 83.67 after the recent recovery attempt from 81.84 higher low failed at 83.11, leaving a lower top, ahead of fresh weakness. Loss of 82.00 support now looks for retest of 81.84 and 80.92 higher low, break of which would signal an end of recovery attempt from 80.24, 2010 low. Upside, for now, remains capped by 82.65/90, though reclaim of 83.11 would signal fresh phase higher.

Res: 82.27, 82.65, 82.91, 83.11
Sup: 81.97, 81.84, 81.67, 81.51

usdjpy_20110126082127.gif




USD/CHF
Extends the downtrend from 0.9685 lower high, with loss of 1.9500 support and yesterday’s recovery failure at 0.9521, accelerating losses to 0.9402 so far. Recovery attempts are seen capped by 0.9520 zone for now, with negative short-term outlook bringing retest of 0.9301, historical low in focus.

Res: 0.9470, 0.9493, 0.9520, 0.9550
Sup: 0.9402, 0.9365, 0.9336, 0.9301

usdchf_20110126082100.gif
 
Short Term Technical Analysis for Majors (14:00 GMT)

EUR/USD
Fresh strength off 1.3573, yesterday’s low, has briefly broke above 1.37 level, ahead of consolidation. Bulls are firmly in play for attempt towards 1.3738, 61.8% retracement of 1.4280/1.2873 decline and 1.3784, 22 Nov 2010 high, seen on a break. Significant resistance lies at 1.4050, longer-term trendline connecting 1.5140 and 1.1.4280 peaks, break of which would signal the full retrace of 1.4280/1.2873 downleg. Downside, 1.3573/39 zone offers initial support.

Res: 1.3720, 1.3738, 1.3784, 1.3824
Sup: 1.3656, 1.3605, 1.3573, 1.3539

eurusd_20110126140837.gif




GBP/USD
Double upside rejection at 1.6016 has triggered sharp reversal through key near-term supports at 1.5920 and 1.5837. Further decline lost 1.5800 level, extending down to 1.5750 so far and denting 1.5760, 60 day MA. Bounce higher is seen corrective while 1.5920 holds, with lower high expected to precede fresh weakness towards 1.5700, 50% retracement of 1.5343/1.6058 upleg and 1.5650 zone, further down. Potential break below 1.5617, 61.8% retracement would end the recovery attempt and expose 1.5404/1.5343 lows for retest. Upside, break above 1.5920 sidelines bears and opens 1.6016/35 instead.

Res: 1.5914, 1.5920, 1.6016, 1.6035
Sup: 1.5846, 1.5768, 1.5750, 1.5716

gbpusd_20110126140813.gif




USD/JPY
Remains in short-term downtrend from 83.67 after the recent recovery attempt from 81.84 higher low failed at 83.11, leaving a lower top, ahead of fresh weakness. Loss of 82.00 support now looks for retest of 81.84 and 80.92 higher low, break of which would signal an end of recovery attempt from 80.24, 2010 low. Upside for now remains capped by 82.65/90, though reclaim of 83.11 would signal fresh phase higher.

Res: 82.27, 82.65, 82.91, 83.11
Sup: 81.97, 81.84, 81.67, 81.51

usdjpy_20110126140749.gif





USD/CHF
Extends the downtrend from 0.9685 lower high, with loss of 1.9500 support and yesterday’s recovery failure at 0.9521, accelerating losses to 0.9402 so far. Recovery attempts are seen capped by 0.9497, trendline resistance and 0.9518/25 zone for now, with negative short-term outlook bringing retest of 0.9301, historical low in focus.

Res: 0.9470, 0.9493, 0.9520, 0.9550
Sup: 0.9402, 0.9365, 0.9336, 0.9301

usdchf_20110126140555.gif
 
Short Term Technical Analysis for Majors (08:00 GMT)

EUR/USD
Yesterday’s brief break above 1.37 level was followed by narrow consolidation. Near-term outlook remains firm, with fresh push higher expected. First target lies at 1.3738, 61.8% retracement of 1.4280/1.2873 downleg, and the next one at 1.3784, 22 Nov 2010 high. Clearance of the latter would open way for test of 1.4050, longer-term descending trendline off 1.5140. Downside, 1.3530/00 zone underpins the advance.

Res: 1.3727, 1.3738, 1.3784, 1.3824
Sup: 1.3640, 1.3605, 1.3573, 1.3539

eurusd_20110127080446.gif




GBP/USD
Trades in a near-term recovery mode after the recent sharp pullback off 1.6016 found support at 1.5750. Over 61.8% of 1.6016/1.5750 decline have been recovered for now, after market regained 1.5900/20 levels, with 1.5953, 76.4% retracement, seen next. However, risk of fresh weakness remains while 1.6016 intact, and break above the latter needed to confirm higher low at 1.5750 and open way for retest of 1.6058, key near-term resistance.

Res: 1.5942, 1.5953, 1.6016, 1.6035
Sup: 1.5895, 1.5846, 1.5768, 1.5750

gbpusd_20110127080427.gif




USD/JPY
Maintains short-term downtrend from 83.67 after the recent recovery attempt from 81.84 higher low failed at 83.11, leaving a lower top, ahead of fresh weakness. 82.00/81.84 support zone, holds for now, and break here required to resume bears to 81.67 and possible retest of 80.92, year- to-day low. Upside, sustained break above 83.11 is required to spark fresh recovery and expose key near-term resistances at 83.45/67.

Res: 83.11, 83.45, 83.67, 84.19
Sup: 81.97, 81.84, 81.67, 81.51

usdjpy_20110127080402.gif




USD/CHF
Extends the downtrend from 0.9685 lower high, with loss of 1.9500 support and yesterday’s recovery failure at 0.9521, accelerating losses to 0.9399 so far. Recovery attempts are seen capped by 0.9497, trendline resistance and 0.9518/25 zone for now, with negative short-term outlook bringing retest of 0.9301, historical low in focus. Only break above 0.9520 would signal further recovery, though regain of 0.9575/0.9600 needed to confirm.

Res: 0.9470, 0.9493, 0.9520, 0.9550
Sup: 0.9425, 0.9399, 0.9365, 0.9336

usdchf_20110127080337.gif
 
Short Term Technical Analysis for Majors (14:00 GMT)

EUR/USD
Today’s break through 1.3738, 61.8 Fibonacci level, has so far reached 1.3757, fresh two-month low, en-route to 1.3784 target, 22 Nov 2010 lower high. Regain of the latter would open way for test of 1.4050, longer-term descending trendline, connecting 1.5140 and 1.4280 peaks. Corrective pullbacks should be contained by 1.3530/00, to maintain immediate bulls.

Res: 1.3784, 1.3800, 1.3824, 1.3880
Sup: 1.3665, 1.3640, 1.3605, 1.3573

eurusd_20110127142555.gif




GBP/USD
Extends recovery from 1.5750, breaking above 1.5936, overnight’s high and 1.5953 Fibonacci level, to approach 1.6000/15 barrier. Reclaim of the latter would open key near-term resistance at 1.6058 for retest. Break here is needed to extend short-term uptrend from 1.5343/1.5404 and target 1.6093 and 1.6161, descending trendline drawn off 1.7041, Aug 2009 peak. Immediate support lies at 1.5900/1.5880 zone.

Res: 1.6000, 1.6016, 1.6035, 1.6058
Sup: 1.5943, 1.5895, 1.5880, 1.5846

gbpusd_20110127142534.gif




USD/JPY
Bounced sharply after the recent decline from 83.11 found support at 82.00 zone, just above 81.84, key near-term support. Brief break above 83.11 now signals further gains and retest of 83.45/67 barriers, break of which is needed to resume broader recovery from 80.92, yearly low. To maintain immediate bulls, 82.60 zone is expected to hold corrective dips.

Res: 83.20, 83.45, 83.67, 84.19
Sup: 82.66, 82.47, 82.27, 81.97

usdjpy_20110127142510.gif




USD/CHF
Extends the downtrend from 0.9685 lower high, with loss of 1.9500 support and recovery rejection at 0.9521, accelerating losses to 0.9388 so far. Recovery attempts are seen capped by 0.9497, trendline resistance and 0.9518/25 zone for now, with negative short-term outlook bringing retest of 0.9301, historical low in focus. Only break above 0.9520 would signal further recovery, though regain of 0.9575/0.9600 needed to confirm.

Res: 0.9470, 0.9493, 0.9520, 0.9550
Sup: 0.9399, 0.9388, 0.9365, 0.9336

usdchf_20110127142439.gif
 
Short Term Technical Analysis for Majors (08:00 GMT)

EUR/USD
Trades in a narrow consolidative range after reaching fresh high at 1.3757. Yesterday’s closing above 1.37 level keeps short-term focus to the upside. Initial target lies at 1.3784, with possible attempt at longer term trendline resistance at 1.4050 not ruled out. Intraday studies remain supportive but entering overbought zone warns of correction preceding fresh strength. Supports at 1.3632 and 1.3573/39 should contain dips to keep immediate bulls in play. Only loss of 1.3245, key near-term support would weaken the structure.

Res: 1.3738, 1.3757, 1.3784, 1.3800
Sup: 1.3678, 1.3636, 1.3573, 1.3539

eurusd_20110128080804.gif




GBP/USD
Recovery attempt from 1.5750, 25 Jan higher platform, stalled on approach to 1.6016 resistance at 1.5989, with subsequent reversal under way. Formation of hourly head and shoulders pattern and break through neckline at 1.5877, suggests further weakness , with break below 1.5850/40 support zone to signal return back to 1.5750. Only upside regain of 1.5935 would improve the near-term outlook.

Res: 1.5910, 1.5936, 1.5989, 1.6016
Sup: 1.5852, 1.5846, 1.5835, 1.5768

gbpusd_20110128080746.gif




USD/JPY
Maintains near-term positive tone after downside rejection at 82.00 area and yesterday’s strong rally through 83.11, previous high. Current pullback is seen corrective, while above 82.50, with upside clearance of 83.20 needed to re-focus key short-term resistance at 83.67. However, loss of 82.50 support would risk return to 82.00/81.84, key near-term supports, break of which would signal an end of recovery phase from 80.92.

Res: 82.92, 83.07, 83.20, 83.45
Sup: 82.56, 82.47, 82.27, 81.97

usdjpy_20110128080727.gif




USD/CHF
Continues to trend lower after recovery attempt from 0.9301, historical low, failed at 0.9782, and subsequent reversal almost fully retraced the recent 0.9301/0.9782 upleg, reaching 0.9388 thus far. Pair is currently trading in a narrow consolidative range, with bounces higher seen limited by 0.9520 zone, ahead of fresh attempt at 0.9301. Above 0.9520 to trigger recovery, though clearance of 0.9620/85 needed to re-focus 0.9782.

Res: 0.9480, 0.9493, 0.9520, 0.9550
Sup: 0.9415, 0.9399, 0.9388, 0.9365

usdchf_20110128080610.gif
 
Short Term Technical Analysis for Majors (14:00 GMT)

EUR/USD
Continues to trade below 1.3757, fresh two-month high, hovering at 1.37 area. Immediate support at 1.3670/40 needs to hold to keep 1.3757/84 targets in play, otherwise, risk is seen of deeper correction towards 1.3573/39. Only loss of 1.3420/00 zone would signal fresh weakness and expose key support at 1.3245.

Res: 1.3744, 1.3757, 1.3784, 1.3800
Sup: 1.3678, 1.3636, 1.3573, 1.3539

eurusd_20110128144124.gif




GBP/USD
Recovery attempt from 1.5750, 25 Jan higher platform, stalled on approach to 1.6016 resistance at 1.5989. Reversal has so far found support at 1.5852, though fresh gains from here so far unable to regain 1.5989. Break through 1.5965/89 is needed to resume recovery, while loss of 1.5850/40 support zone would signal return back to 1.5750.

Res: 1.5965, 1.5989, 1.5910, 1.5936
Sup: 1.5852, 1.5841, 1.5819, 1.5768

gbpusd_20110128144044.gif



USD/JPY
Broke below 82.50 support to fully retrace the recent 82.00/83.20 rally. 82.10/00 zone, trendline support / previous low, have so far contained the latest dip, though break below 82.00/81.84 would signal an end of recovery phase from 80.92 and turn immediate focus lower. Upside, regain of 83.00/20 zone is needed to spark fresh rally towards 83.45/67, key near-term resistances.

Res: 82.60, 82.92, 83.07, 83.20
Sup: 82.10, 81.97, 81.84, 81.67

usdjpy_20110128144015.gif




USD/CHF
Continues to trend lower after recovery attempt from 0.9301, historical low, failed at 0.9782, and subsequent reversal almost fully retraced the recent 0.9301/0.9782 upleg, reaching 0.9388 thus far. Pair is currently trading in a narrow consolidative range, with bounces higher seen limited by 0.9520 zone, ahead of fresh attempt at 0.9301. Above 0.9520 to trigger recovery, though clearance of 0.9620/85 needed to re-focus 0.9782.

Res: 0.9468, 0.9480, 0.9493, 0.9520
Sup: 0.9418, 0.9401, 0.9388, 0.9365

usdchf_20110128143940.gif
 
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