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Technical Summary for Majors
Thu, Aug 28 2008, 07:12 GMT
by Slobodan Drvenica
DAILY MARKET REPORT
28.08.2008
EUR/USD
Has breached a steep falling channel drawn off 1.6040 record high to firm a possible base at Tuesday's low of 1.4570. Further upside eyes Monday's weekly high at 1.4809 next while further retracing the drop from 1.4909, 22 August high, and setting the tone for possible short-term ranging mode. Wednesday's hourly higher low at 1.4666 now underpins
Res: 1.4809, 1.4820, 1.4838, 1.4863
Sup: 1.4743, 1.4712, 1.4700, 1.4683 
USD/JPY
Firms off 108.70 Wednesday, completing a simple 3-legged swings off Monday's 110.29 high while extending short-term ranging via a potential expanded flat. Further lift above congestive lower tops at 110.30/40 however is needed to break sequence of lower tops off 110.67 high, 15 August, while reaffirming bull presence. A swing low now sought over 108.70 to maintain bull progress.
Res: 109.38, 109.62, 109.94, 109.29
Sup: 108.70, 108.33, 108.13, 108.00 
GBP/USD
Continues to gyrate below a steep trendline bisecting 1.9930/1.8792, 31 July/ 21-22 August lower highs, which currently resists at 1.8507. Lapse from Wednesday's 1.8489 high resulted in a fresh 2-year low at 1.8285, followed by latest bounce which is expected to fail near 1.8405/25 area. From there, the down- leg from 1.8792, 21/22 August tweezers top, would accelerate towards 1.8177-1.8200
Res: 1.8378, 1.8405, 1.8430, 1.8453
Sup: 1.8303, 1.8285, 1.8264, 1.8228 
USD/CHF
Highlights a potential right shoulder of a 4 day Head and Shoulders, top on the hourly chart while Tuesday's shooting star candle looms after reaching 1.1087 high. Resistance band at 1.1025/42, 27/20 August highs, caps with break below 1.0916/07 low re-exposing risk towards key higher low at 1.0825, 13 August. Above 1.1087 however firms 1.1124 next, 22 January, approx 76.4% of 1.1598/.9630 fall..
Res: 1.0985, 1.1000, 1.1025, 1.1042
Sup: 1.0907, 1.0897, 1.0857, 1.0836
Published on Thu, Aug 28 2008, 07:21 GMT
Archive
- Technical Summary for Majors
Published On Mon, Dec 1 2008, 16:13 GMT - Technical Summary for Majors
Published On Fri, Nov 28 2008, 10:49 GMT - Technical Summary for Majors
Published On Wed, Nov 26 2008, 15:07 GMT - Technical Summary for Majors
Published On Fri, Nov 21 2008, 09:32 GMT - Technical Summary for Majors
Published On Thu, Nov 20 2008, 11:27 GMT
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