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Technical Summary for Majors

Fri, Aug 29 2008, 07:02 GMT

Windsor Brokers Ltd


DAILY MARKET REPORT

29.08.2008

EUR/USD
Has faintly breached Monday's former weekly high before pulling back sharply from 1.4812. A negative channel drawn off 1.4980, 13 August, reflects possible bear deceleration towards 2-year rising trendline at 1.4450/40. An hourly swing top under 1.4812 is sought before next downside and break of 1.4671 exposing the 1.4570, 26 August low.

Res: 1.4760, 1.4777, 1.4812, 1.4842
Sup: 1.4718, 1.4687, 1.4671, 1.4634

EURUSD




USD/JPY
Shies off Wednesday's 108.70 low before rebounding sharply yet again while a potential 4-day bull coil unfolds on the hourly chart. A swing low now over 108.70 bodes well before an upside break with lift over 109.94, 26 August high, suggesting breakout to favor 110.67 return, 15 August high. A reversal under 108.70 however warns current area top pattern instead.

Res: 109.57, 109.75, 109.94, 110.29
Sup: 108.70, 108.33, 108.13, 108.00

USDJPY


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 1.8436. Ensuing decline from 1.8792, 21/22 August tweezers top, set a fresh 2-year low at 1.8240 on Thursday and maintains course towards 1.8177/1.8228, 17/19 July 06 higher lows. Recovery above 1.8405/36 is needed to prompt short covering towards 1.8489.

Res: 1.8380, 1.8386, 1.8405, 1.8419
Sup: 1.8304, 1.8265, 1.8260, 1.8228


GBPUSD


USD/CHF
Has fallen to a low of 1.0884 Thursday before staging sharp rebound to negate a suspected 4-day Head &Shoulders top pattern and suggest renewed strength. Barrier at 1.1025/42, 27/20 August highs, however caps for now while a higher low is sought over 1.0884 before next upside attempt at 1.1087 and 1.1124, 22 January high, near 76.4% of 1.1598/.9630 fall.
]
Res: 1.0978, 1.1001, 1.1013, 1.1025
Sup: 1.0914, 1.0900, 1.0884, 1.0857

USDCHF

Published on  Fri, Aug 29 2008, 07:08 GMT


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