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Wednesday, 16 July 2008

Windsor Brokers Ltd

EUR/USD
Rejected Tuesday's attempt to clear former 1.6020 peak, 22 April, before reversing off fresh record high while possibly completing up leg from 1.5611, 07 July. Immediate risk is tagged at Monday's 1.5841 with break triggering minimum 1.5775/80, 61.8% of 1.5611/1.6040 rise, and 1.5765, 11 July low. Break over 1.6040/50 however to firm 1.6200/20.
Res: 1.5949, 1.5980, 1.6000, 1.6040
Sup: 1.5865, 1.5841, 1.5826, 1.5803

USD/JPY
Accelerated decline on loss of last Friday's 105.66 low, near 55-day MA, to take out recent swing low at 104.99,30 June. This reaffirms short-term top at 108.59, 16 June, to further retrace 102.73, 22 May, up leg and possibly the larger 95.77, 17 March, up leg towards 103.87 next, 03 June. Recovery now for a lower top off 105.66 before further downside attempt.
Res: 105.12, 105.48, 105.80, 105.94
Sup: 104.40, 104.16, 104.00, 103.87

GBP/USD
Has broken layers of congestive tops from 2.0008, 01 July, to 2.0050, 04 April, while extending current up leg from 1.9649 higher low, 07 July. Pullback off Tuesday's 2.0162 high, approximately 76.4% of 2.0399/1.9361 fall, unwinds over- extended conditions while a higher low over 2.0008/00 is sought before next attempt at 2.0193, 27 March high. Losing Tuesday's 1.9932 low however weakens.
Res: 2.0078 2.0111, 2.0162, 2.0193
Sup: 1.9980, 1.9960, 1.9932, 1.9915

USD/CHF
Has taken out previous 1.0112 swing low, 03 July, to reaffirm bear phase off 1.0625 high, 08 May). Decline thus far reached 1.0011, approximately 61.8% of 0.9630/1.0625 up leg, while further downside remains tagged at 0.9997, 22 April. Loss there to risk 0.9870, 31 March, approximately 76.4% retrace. Recovery now for a lower swing high under 1.0175.
Res: 1.0149, 1.0175, 1.0200, 1.0219
Sup: 1.0078, 1.0060, 1.0030, 1.0011