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Technical Summary for Majors

Thu, Aug 21 2008, 06:10 GMT
by Slobodan Drvenica

Windsor Brokers Ltd


EURUSD
Extended reversal from 1.6040 peak to hit 1.4631/38, 19 Aug double-bottom, before latest rebound to probe a minor 9-day bear channel drawn off 1.5084, 11 Aug high. Lift back above1.4805, 20 Aug high would signal breakout for a minimum 1.4910, 61.8% retracement of 1.5084/1.4630 downleg. Upside clearance of 1.4980, 13 Aug high, 76.4% retracement, however, signals stronger short-term recovery.

Res: 1.4794, 1.4805, 1.4826, 1.4840
Sup: 1.4734, 1.4699, 1.4672, 1.4659

eur 21.08 



GBPUSD
Fails to emerge from overhanging 5-day MA, now at 1.8647, while consolidation between 1.8510/1.8723 range appears to develop a bear pennant. Breakout of 1.8723/88 is needed to spark a corrective rally toward 1.8953/1.9037, ahead of 1.9067/1.9122. Until then, drop to a new near 2-year low around 1.8483, would be likely scenario.

Res: 1.8673, 1.8695, 1.8723, 1.8769
Sup: 1.8608, 1.8581, 1.8561, 1.8540

gbp 21.08


USDJPY
Declines sharply under 109.51, 50% retracement of 108.35/110.67 upleg, as yesterday’s failure to regain 110.38/40, hourly lower top, risks deeper pullback to retrace an apparent 3-legged swings from 108.35, 13 Aug low. Current probe at 109.03, 14 Aug low, risks break lower, to foil short-term bulls and expose 108.35 instead. Only regain of 109.50/55 averts immediate downside risk.

Res: 109.55, 109.86, 110.40, 110.66
Sup: 108.93, 108.55, 108.35, 108.00

jpy 21.08 


USDCHF
Failed again on yesterday’s attempt at 1.1034/44, 21/18 Feb highs resistance zone. Further pullback under 1.0944 hourly higher low would bring out a potential 2-day double-top pattern to the fore and risk immediate key support at yesterday’s 1.0897 low. Upside break above1.1034/44, however, would open1.1124, 22 Jan lower high next.


Res: 1.1009, 1.1020, 1.1044, 1.1098
Sup: 1.0944, 1.0920, 1.0895, 1.0874

chf 21.08

Published on  Thu, Aug 21 2008, 06:15 GMT


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