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Technical Summary for Majors
Wed, Oct 15 2008, 13:41 GMT
by Slobodan Drvenica
EURUSD
Dipped to a fresh yearly low at 1.3258 on 10 Oct, as of downtrend from 1.4864, 22 Sep lower top, broke under 1.3881, 11 Sep previous low. Current consolidation/correction phase seeks for clearance of 1.3769/85, key resistance area, to mark a bottom, for significant recovery. Downside, 1.3535 now offers initial support and loss of the latter will dampen bulls for fresh push lower. 1.3485/43 area is seen next, ahead of final push towards 1.3258.
Res: 1.3694, 1.3769, 1.3785, 1.3804
Sup: 1.3570, 1.3535, 1.3485, 1.3443
GBPUSD
Extends recovery after weakness 1.8668, 25 Sep lower top, extended loss to reach 1.6775, new yearly low on 10 Oct. 1.7629 was reached yesterday, with subsequent easing to 1.7380. Fresh advance now underway, with clearance of 1.7629 and 1.7655, 08 Oct high, needed to resume recovery towards 1.7714/30, possibly 1.7837, 03 Oct high, on a break. 1.7425/1.7380 now underpins the advance and only loss of the latter would allow stronger recovery.
Res: 1.7629, 1.7655, 1.7714, 1.7730
Sup: 1.7496, 1.7425, 1.7380, 1.7335
USDJPY
Rally off 95.72, March’s low, reached 110.67 on 15 Aug before topping, as a negative structure developed. A lower rejection at 97.91 and consolidation formed a reversal that was completed on a break above 101.00 on 13 Oct. 103.06 high was seen yesterday, ahead of a ease. Currently, 100.85 supports the scope for a fresh upswing towards 103.50, possibly 104.30. Break below 100.85, however, will turn focus lower.
Res: 101.92, 102.26, 102.53, 103.06
Sup: 100.85, 100.40, 99.99, 99.56
USDCHF
Rallied off 1.0690, 22 Sep low, to reach 1.1488 high on 06 Oct, before reversal to 1.1129. A lower rejection here has set up a recovery phase, and lower peaks are anticipated as momentum weakens. 1.1440 now provides a key cap while loss of 1.1275 would trigger a fresh weakness towards 1.1129. Sustained break above 1.1440 is needed to open a fresh attempt higher, targeting 1.1488, possibly 1.1524 on a break.
Res: 1.1414, 1.1444, 1.1488, 1.1524
Sup: 1.1316, 1.1275, 1.1240, 1.1218
Published on Wed, Oct 15 2008, 13:44 GMT
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Published On Mon, Dec 1 2008, 16:13 GMT - Technical Summary for Majors
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The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.Related reports
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