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Technical Summary for Majors
Wed, Aug 20 2008, 06:15 GMT
by Slobodan Drvenica
EURUSD
Yesterday’s decline below 1.4659, 15 Aug low, was rejected at 1.4631, before rebounding sharply, as corrective bulls set in. Further recovery remains anticipated towards 1.4826 high, 15 Aug high, also near 61.8% retracement of 1.4952/1.4630 fall, as bull engulfing candle beckons. Back below 1.4631/11, however, foils current basing attempt.
Res: 1.4807, 1.4826, 1.4840, 1.4880
Sup: 1.4745, 1.4699, 1.4659, 1.4631
GBPUSD
Need to emerge from the shadows of overhanging 5-day MA, now at 1.8671, to open correction phase from 1.8510, 15 Aug near 2-year bottom. Until then, further sell-down below 1.8500 levels is likely. In the meantime, choppy trading over the 1.8510 low targets breakout of 1.8723, 18 Aug high and push toward 1.8788, 14 Aug high. A break there would reaffirm short-term base.
Res: 1.8695, 1.8723, 1.8734, 1.8769
Sup: 1.8638, 1.8618, 1.8576, 1.8557
USDJPY
Continues to ease after an upside rejection at 110.66 on 15 Aug, slightly above previous 08/11 Aug 110.37/40 highs, to retrace nearly 50% of the prior upmove from 108.35. Further downside below 109.51, 50% retracement of 108.35/110.66 upleg, risks 109.24/33, 61.8% retracement next and possibly 109.03, 14 Aug low, while a potential bull flag may precede upside return. Break above 110.66 will firm for projected 111.65/70 zone.
Res: 110.40, 110.66, 111.00, 111.30
Sup: 109.51, 109.33, 109.03, 108.55
USDCHF
Yesterday’s rally towards 1.1034/44, 21/18 Feb resistance band, was rejected at 1.1032, marking a key reversal via a bear engulfing candle. Further pullback under 1.0825, 13 Aug higher low is needed to confirm corrective bears to retrace current upswing from 1.0011, 15 July low. Meantime, correction higher is likely before fresh attempt towards 1.0870/75, then 1.0825.
Res: 1.0955, 1.0981, 1.1009, 1.1034
Sup: 1.0895, 1.0874, 1.0825, 1.0800 
Published on Wed, Aug 20 2008, 06:20 GMT
Archive
- Technical Summary for Majors
Published On Tue, May 5 2009, 14:46 GMT - Technical Summary for Majors
Published On Mon, May 4 2009, 14:50 GMT - Technical Summary for Majors
Published On Mon, Apr 6 2009, 06:44 GMT - Technical Summary for Majors
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