Technical Summary for Majors

Technical Summary for Majors

Fri, Jun 27 2008, 10:30 GMT
by Slobodan Drvenica

Windsor Brokers Ltd


EURUSD
Reversal from 1.6019, 22 Apr, medium-term bull phase high, reached 1.5285 low of 08 May, ahead of broad consolidation. The latest push higher off 1.5303, 13 Jun low, is now attempting through 1.5769, trendline resistance, drawn off 1.6019, clear break of which will open way towards 1.5843, 09 Jun high, ahead of possible retest of 1.6019 peak. Corrective pullbacks for now supported by 1.5652/29.

Res: 1.5779, 1.5800, 1.5815, 1.5843
Sup: 1.5720, 1.5695, 1.5684, 1.5652

eurusd



GBPUSD
Remains constructive off the 1.9361/1.9409, May/Jun double bottom. A bear trendline off 2.1162, Nov 2007 yearly high was cleared, confirming the near-term bull structure. Initial targets stand at 1.9910/25 and 1.9965, while 2.0024/49 provides a tough congestive barrier. 1.9788, 20 Jun high, should now support corrective pullbacks, while only loss of 1.9715 breaks bull structure.

Res: 1.9898, 1.9910, 1.9925, 1.9965
Sup: 1.9788, 1.9768, 1.9744, 1.9715

gbpusd



USDJPY
Extending reversal from 108.42, 25 Jun high, just under 108.58, 16 Jun peak, to take out 107.13/11, 20/23 Jun pivot lows. This now signals short-term top in place, ahead of further retrace of upleg from 102.57 12 May low, with break below 106.56 (11 Jun low, also trendline support, risking 105.58, 50% retracement of 102.57/108.58 advance. 107.21, today’s high, caps for now.

Res: 107.21, 107.42, 107.66, 107.85
Sup: 105.95, 105.70, 105.58, 105.45

usdjpy



USDCHF
Extended recovery off 1.0147, 09 Jun low, to reach 1.0539, 13 Jun high. Consolidation followed ahead of break under the 1.0360 support area, trendline connecting 1.0147/1.0303 lows. This has triggered a sharp sell off towards 1.0147, with 1.0165 reached so far. Upside, 1.0268, today's high, now expected to cap for next push lower. Below 1.0147 opens 1.0128/1.0080, though hourly studies now in oversold zone and bounce higher not ruled out.

Res: 1.0275, 1.0303, 1.0317, 1.0345
Sup: 1.0165, 1.0147, 1.0128, 1.0080

usdchf 

Published on  Fri, Jun 27 2008, 10:34 GMT

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