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Technical Summary for Majors
Tue, Sep 2 2008, 14:50 GMT
by Slobodan Drvenica
EURUSD
Extended month-long drop from 1.6040 to reach 1.4570 last Tuesday, before recovering to 1.4812. A short-term head and shoulders top was then completed on last Friday’s reversal under 1.4666/71. A steady retreat has followed, having today breached 1.4570 low to exceed 1.4550/30 and 1.4496/82 targets, opening 1.4450/40, possibly key 1.4390/65 area. Upside, 1.4556/70 zone now offers resistance.
Res: 1.4516, 1.4538, 1.4556, 1.4580
Sup: 1.4464, 1.4450, 1.4440, 1.4422
GBPUSD
Continues to slide from 1.8792, 21/22 Aug lower top, extending the multi-week downtrend from 2.0162, to a succession of new 2-year lows. Losses have yet again accelerated lower today, building on Monday's loss of 1.8000. Hopes of a minor low at 1.7845/50 are over, a lower top at 1.7940/44 has triggered an extension lower, with 1.7777/50, then 1.7715/1.7679 seen as next downside targets.
Res: 1.7885, 1.7907, 1.7954, 1.7984
Sup: 1.7778, 1.7752, 1.7715, 1.7679
USDJPY
Firmed off 15 July 103.77 low, to reach 110.67 on 15 Aug, before falling back to 108.13, developing a broad range. Completion of a 5 day triangle has triggered a break under the 108.13/00 support area to signal an extension lower, to probe below 107.68. 107.62 was reached and a rebound is now breaching 108.58-70 to neutralize bears.
Res: 109.00, 109.22, 109.57, 109.72
Sup: 107.91, 107.77, 107.62, 107.46
USDCHF
Extended rise from 1.0011 to 1.1087, but failed to see a lasting break of 20 Aug high at 1.1042, retreating from 1.1087 to 1.0884, before recovering. Break through 1.1025 completed a base, with initial highs at 1.1040/48 now breached since yesterday’s 1.0950 higher low. 1.1108/24 also exceeded, raising hopes of fresh gains to 1.1173/92. Corrective pullback on overbought hourlies, however, may precede rally.
Res: 1.1150, 1.1173, 1.1192, 1.1202
Sup: 1.1048, 1.1020, 1.1013, 1.1000
Published on Tue, Sep 2 2008, 14:55 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
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