Technical Summary for Majors

Technical Summary for Majors

Wed, Jun 25 2008, 10:32 GMT
by Slobodan Drvenica

Windsor Brokers Ltd


EURUSD
Extended bounce off 1.5303, 13 June low, to retrace over 61.8% of 1.5843/1.5303 decline, at 1.5652 on 20 June. Reversal from there followed, reaching 1.5469 on 23 June, ahead of the latest rebound to 1.5620, seen yesterday. Weakness from there has so far found support at 1.5537, but a rebound over 1.5595/1.5620 is required to avert the risk of head and shoulders top pattern being traced out and resume the short-term uptrend towards 1.5760/1.5818, before attempting at 1.5843.

Res: 1.5600, 1.5620, 1.5635, 1.5652
Sup: 1.5537, 1.5525, 1.5492, 1.5460

eurusd



GBPUSD
Rally from 1.9408, 13 June low, reached 1.9788 on 20 June, to nearly fully retrace 1.9799/1.9408 decline. The bounce from there reversed at 1.9723 yesterday, keeping alive fears of a fresh dip to initially retest 1.9585/80, possibly accelerating on a break towards 1.9503/1.9470. Upside clearance of 1.9725/45 is needed to avert immediate downside risk.

Res: 1.9730, 1.9745, 1.9755, 1.9771
Sup: 1.9685, 1.9660, 1.9625, 1.9517

gbpusd



USDJPY
Continues to trend higher from 95.72, 17 Mar yearly low, to reach 108.58 on 16 June, just ahead of key 108.62, 14 Feb high. Corrective pullback to 107.11 was then seen, followed by a lower rejection at 107.36 yesterday. Break above 108.24 will confirm a test on 108.58/62, where an anticipated break will focus 109.95 next.

Res: 108.08, 108.21, 108.42, 108.60
Sup: 107.61, 107.42, 107.11, 107.00

usdjpy



USDCHF
Extended retrace of the 1.0147/1.0539, 09/13 June recovery, to reach 1.0303 low on 20 June, just above 1.0296, 61.8% retracement. Fresh rally followed, clearing 1.0468/73, 18/19 June highs, reaching 1.0492 on 23 June. Correction lower stalled at 1.0349, the latest bounce needs to clear yesterday’s 1.0443/69 intraday low/high to cement hopes of a fresh rise to 1.0528/41.

Res: 1.0435, 1.0443, 1.0469, 1.0492
Sup: 1.0373, 1.0349, 1.0331, 1.0317

usdchf

Published on  Wed, Jun 25 2008, 10:36 GMT

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