Technical Summary for Majors

Technical Summary for Majors

Thu, Jun 26 2008, 10:31 GMT
by Slobodan Drvenica

Windsor Brokers Ltd


EURUSD
Continues to trend higher after fresh strength off 1.5469, 23 June higher low, cleared 1.5652, 20 June previous high yesterday, to expand above 1.5700 today, extending retrace 1.5843/1.5303 downleg. Hourly studies are approaching overbought zone and corrective pullback would precede fresh push higher. Look for higher low at 1.5570 area for attempt towards 1.5717/66, ahead of possible retest of 1.5818/43. Downside, loss of 1.5540/34 would delay bulls and open 1.5492/69 instead.

Res: 1.5742, 1.5752, 1.5766, 1.5779
Sup: 1.5684, 1.5652, 1.5629, 1.5616

eurusd 



GBPUSD
Nearly fully retraced the 1.9799/1.9408 decline, reaching 1.9788 high on 20 June, ahead of reversal to 1.9584 on 23 June. A choppy bounce has followed, clearing previous 1.9788 high and extending gains to 1.9843 so far. As yet, no signs of a lasting high and 1.9852 now in focus, break of which will open 1.9880/1.9910 next.

Res: 1.9852, 1.9880, 1.9898, 1.9910
Sup: 1.9768, 1.9744, 1.9713, 1.9655

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. A correction to 107.11 now being followed by renewed attempt at 108.58/62. Clearance of the latter will confirm next upleg to 109.95. Immediate support now stands at 107.36, ahead of 107.11.

Res: 108.18, 108.42, 108.60, 108.97
Sup: 107.36, 107.27, 107.11, 107.00

usdjpy 



USDCHF
Extended the retrace of the 09/13 Jun 1.0149/1.0541 recovery to 1.0304, before recovering through 1.0469/75 highs, reaching 1.0494 on 23 June. A correction lower was initially supported around 1.0342/49, but a lower top is now seen at 1.0391 for an extension lower, through 1.0319/03 towards of 1.0285/70 and possibly 1.0245/24 on a break.

Res: 1.0377, 1.0391, 1.0424, 1.0435
Sup: 1.0285, 1.0270, 1.0245, 1.0224

usdchf

Published on  Thu, Jun 26 2008, 10:35 GMT

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