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Daily Technical Analysis for Majors

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Old 01-03-2012, 07:50
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Default Daily Technical Analysis for Majors

EUR/USD Hit by Wave of Profit Taking

Last Updated on Thursday, 1 March 2012 04:49
Written by FxTT Analysis Department
Thursday, 1 March 2012 04:49


European Central Bank’s cash injection passed without a surprise and Fed Chairman Bernanke’s testimony failed to signal new measures to stimulate the US economy. We saw a classic “buy the rumor sell the fact” action from big players. The pair retraced back to previous resistance level at 1.3310 and testing as support now. If this level holds, the pair would try to move higher and test 1.3400 resistance. 1.3480 is the next and strong resistance. If the Bears continue the push downward and manage to break 1.3310, look for support at 1.3220 and 1.3135.



The cable seems less affected by the troubles within the EU but 1.5990-1.6000 zone is an important zone to overcome in order for pair to continue its rise. The pair is slightly bullish by the time of writing and I will be watching 1.5950 and 1.5880 levels before making any decisions. If GBP/USD goes below 1.5880, we will probably visit 1.5810. Next support level is at 1.5765.



USD/CHF bounced from 0.8930 and now it is pulling back to the first resistance level at 0.9100. I don’t think it will be easy for the bulls to pass this level. However, USD/CHF is slightly manipulated because of the Swiss National Bank and its 1.20 floor on EUR/CHF. If the pair can move above 0.9100, the next strong resistance is located at 0.9250. To the downside, the bears will indeed need to break 0.8930 with 0.8765 being the next key support level.



USD/CAD will remain bearish and selling pressure will increase if it can’t move above 0.9900 level. The next support level is located at 0.9790. I am bearish until the pair trades above 1.0053 level.

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