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Short Term Technical Analysis for Majors (14:00 GM Post Reply Rate topic
WindsorBrokers Senior	26-May-2011 22:28        WindsorBrokers About Contact  Quote this Post!
x 0   x 0  Alert Admin	EUR/USD Steadies above main trendline off 1.4938, to briefly test 1.4200, Fibonacci level. Break here to open 1.4231/59 next. Caution of hourly studies approaching overbought zone, with potential pullback ideally to reverse at 1.4130/00 zone, to maintain immediate bulls. Hourly 20 day MA at 1.4140 underpins. Res: 1.4202, 1.4231, 1.4259, 1.4300 Sup: 1.4145, 1.4130, 1.4100, 1.4065 http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20110526140033.gif GBP/USD Clear break above 1.6300 barrier brings near-term bulls fully in play. Initial target at 1.6378 tested so far, with 1.6400/20 in sight and test of 1.6516, key near-term resistance not ruled out. Possible pullback on overbought hourly conditions should be contained above 1.6200, to keep focus higher. Res: 1.6378, 1.6400, 1.6420, 1.6462 Sup: 1.6334, 1.6300, 1.6273, 1.6250 http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20110526140014.gif USD/JPY Extended reversal after upside failure at 82.20, with sharp fall losing trendline support at 81.55 and strong level at 81.31, to mark over 38.25 retracement of 79.55/82.20 ascend, dipping close to 81.00 support zone. Near-term tone has turned negative, focusing 80.90/60 next, while 81.60 zone limiting the upside for now. Res: 81.31, 81.50, 81.60, 81.90 Sup: 81.14, 81.00, 80.90, 80.60 http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20110526135951.gif USD/CHF Ends hopes for further recovery after 0.8880/90 zone capped the upside and fresh weakness confirmed lower top at 0.8890 after break below triangle support at 0.8787 extended losses through 0.8746/06 supports, to probe the levels under 0.8700, Fib 61.8% of 0.8550/0.8944 upleg, to reach 0.8646, so far. This brings record low at 85.50 in near-term focus, with corrective attempts seen capped at 0.8730/50 for now. Res:  0.8716, 0.8730, 0.8746, 0.8780 Sup : 0.8646, 0.8600, 0.8586, 0.8550 http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20110526135929.gif
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