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Technical Summary for Majors

Tue, Aug 19 2008, 12:17 GMT
by Slobodan Drvenica

Windsor Brokers Ltd


EURUSD
Accelerated the month-long decline from 1.6040, all time high, to reach 1.4659 on 15 Aug, ahead of yesterday’s recovery to 1.4768. Fresh weakness has emerged from there, already breaking 1.4659 to reach 1.4630 so far, just ahead of 1.4611/14, 18/20 Feb higher lows target, and raising fears of an eventual return toward 1.4440, 07 Feb low. Bounce for now seen limited by 1.4703/27

Res: 1.4735, 1.4745, 1.4768, 1.4778
Sup: 1.4631, 1.4611, 1.4600, 1.4574

eurusd




GBPUSD
Extended the month-long slide from 2.0162 to reach 1.8510 on 15 Aug, ahead of yesterday’s correction higher to 1.8720/23. A choppy retreat has followed, but as yet 1.8510 low is intact. However, unless today's lower high at 1.8665 is regained, 1.8720/23 high looks to mark a lower top below 1.8788 low for a further slide toward 1.8481/45 and then 1.8390/85.

Res: 1.8675, 1.8695, 1.8720, 1.8734
Sup: 1.8538, 1.8510, 1.8500, 1.8481

gbpusd 



USDJPY
Found a base at 95.77, 2008 low, posted 17 Mar, from where a strong recovery has thus far met 108.59, 16 Jun high. A three legged retracement found renewed strength at 103.77 on 16 July, from where the recent upswing began. Current strength above 108.59 targets 112.10, 02 Jan high, next and then 114.16, 27 Dec 07 high. Below 103.77 changes the current bullish structure.

Res: 110.38, 110.67, 111.00, 111.30
Sup: 109.63, 109.51, 109.33, 109.03

usdjpy 



USDCHF
Extended the month-long rise from 1.0011 to reach 1.1009, 15 Aug high, ahead of yesterday’s setback to 1.0910. Fresh strength started from there, exceeding 1.1009, to reach 1.1033 so far today, raising hopes of an extension to 1.1108/24, 13 Feb/22 Jan highs. Reversal under today's 1.0963 higher low would weaken the immediate outlook.

Res: 1.1034, 1.1048, 1.1065, 1.1098
Sup: 1.0953, 1.0945, 1.0927, 1.0910

usdchf

Published on  Tue, Aug 19 2008, 12:20 GMT


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