Forex Technical Analysis on Majors 1/9/2011 at 10:30 am
EUR/USD
As we are approaching the beginning of September, heavier volumes are executed on the market an the pair will try to escape from last month's broad range below 1.4580. Trend dynamics is expected to emerge this week, and the focus will be set at 1.4690 and 1.4940 resistance areas.
The downtrend from 1.4550 is intact, targeting 1.4260 reversal area. Initial intraday resistance is projected at 1.4330, followed by the crucial area at 1.4390.
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USD/JPY
The overall downtrend continues to be intact, aiming at new historical lows below 75.95. Technical indicators are still descending and crucial resistance on the daily frame is 80.20.
Although yesterday's minor downtrend bottomed earlier than anticipated, the rise that followed performed a precise test of 77.20 resistance. Current outlook is bearish for 76.20 before one more upswing towards 77.90. On the mid frames the outlook remains neutral
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GBP/USD
The pair is in an uptrend from 1.4222 low, targeting 1.70+ resistance area. Technical indicators are rising and trading is situated above the 50- and 200-day SMA, currently projected at 1.6209 and 1.6098.
The bias continues to be negative for a break through 1.6206 low, towards 1.6110 reversal area. Initial resistance is projected at 1.6259 and crucial on the upside is 1.6335.
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