Technical Summary for Majors

Technical Summary for Majors

Thu, Aug 28 2008, 07:12 GMT
by Slobodan Drvenica

Windsor Brokers Ltd


DAILY MARKET REPORT

28.08.2008

EUR/USD
Has breached a steep falling channel drawn off 1.6040 record high to firm a possible base at Tuesday's low of 1.4570. Further upside eyes Monday's weekly high at 1.4809 next while further retracing the drop from 1.4909, 22 August high, and setting the tone for possible short-term ranging mode. Wednesday's hourly higher low at 1.4666 now underpins

Res: 1.4809, 1.4820, 1.4838, 1.4863
Sup: 1.4743, 1.4712, 1.4700, 1.4683

EURUSD


USD/JPY
 Firms off 108.70 Wednesday, completing a simple 3-legged swings off Monday's 110.29 high while extending short-term ranging via a potential expanded flat. Further lift above congestive lower tops at 110.30/40 however is needed to break sequence of lower tops off 110.67 high, 15 August, while reaffirming bull presence. A swing low now sought over 108.70 to maintain bull progress.

Res: 109.38, 109.62, 109.94, 109.29
Sup: 108.70, 108.33, 108.13, 108.00

USDJPY

GBP/USD
Continues to gyrate below a steep trendline bisecting 1.9930/1.8792, 31 July/ 21-22 August lower highs, which currently resists at 1.8507. Lapse from Wednesday's 1.8489 high resulted in a fresh 2-year low at 1.8285, followed by latest bounce which is expected to fail near 1.8405/25 area. From there, the down- leg from 1.8792, 21/22 August tweezers top, would accelerate towards 1.8177-1.8200

Res: 1.8378, 1.8405, 1.8430, 1.8453
Sup: 1.8303, 1.8285, 1.8264, 1.8228

GBPUSD

USD/CHF
Highlights a potential right shoulder of a 4 day Head and Shoulders, top on the hourly chart while Tuesday's shooting star candle looms after reaching 1.1087 high. Resistance band at 1.1025/42, 27/20 August highs, caps with break below 1.0916/07 low re-exposing risk towards key higher low at 1.0825, 13 August. Above 1.1087 however firms 1.1124 next, 22 January, approx 76.4% of 1.1598/.9630 fall..

Res: 1.0985, 1.1000, 1.1025, 1.1042
Sup: 1.0907, 1.0897, 1.0857, 1.0836 

 USDCHF

Published on  Thu, Aug 28 2008, 07:12 GMT

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