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Technical Summary for Majors
Fri, Aug 22 2008, 11:58 GMT
by Slobodan Drvenica
EURUSD
Extended decline from 1.6040 to reach 1.4631 on 19 Aug, ahead of a rebound through 20 Aug lower top at 1.4768 to 1.4807. From subsequent higher low at 1.4672, further recovery slightly exceeded 1.4880/1.4907 target area, reaching 1.4909, ahead of the latest dip. Risk exists of return to 1.4834/07, possibly 1.4785/66, ahead of attempts to resume gains toward 1.4952/80.
Res: 1.4897, 1.4911, 1.4952, 1.4968
Sup: 1.4807, 1.4785, 1.4768, 1.4743
GBPUSD
Extended decline from 2.0162, 15 July peak, to reach 1.8510 on 15 Aug, ahead of bounce to 1.8723. A higher base then formed at 1.8538/40, with push above 1.8680/88 highs, having seen an extension to 1.8792. A sharp dip is now under way, loss of 1.8659/40 has ended immediate upside hopes, in favor of fresh losses targeting 1.8540/38.
Res: 1.8688, 1.8708, 1.8723, 1.8737
Sup: 1.8560, 1.8538, 1.8510, 1.8500
USDJPY
Found a base at 95.77, 2008 low, posted 17 Mar, from where a strong recovery has met 108.59, 16 Jun high. A three legged retrace found strength at 103.77 on 16 July, where the recent upswing began. Holding above 108.59, opens way towards 111.60, 17 Aug 07 low, next. Reversal under 108.35, however, puts in place a daily bearish MACD divergence, warning of further short-term losses, with potential loss of 103.77, to break bull structure
Res: 109.55, 109.86, 109.99, 110.40
Sup: 108.73, 108.55, 108.35, 108.00
USDCHF
Extended gains from 1.0011, 15 July low, to reach 1.1033/42 highs on 19/20 Aug, interrupted by a dip to 1.0897. The retreat from 1.1042 breached 1.0897, to complete a short-term top, losses then reached 1.0842, ahead of latest bounce back through 1.0897. Scope exists for a return towards 1.0973/44, before possibly leaving lower top for fresh wekanes to 1.0779/42.
Res: 1.0944, 1.0973, 1.1001, 1.1020
Sup: 1.0857, 1.0836, 1.0825, 1.0779
Published on Fri, Aug 22 2008, 12:01 GMT
Archive
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Published On Mon, Dec 1 2008, 16:13 GMT - Technical Summary for Majors
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