By Francis Bray 
 A DOW JONES NEWSWIRES COLUMN 
 

       
LONDON (Dow Jones)--Rolling 24-hour chart levels:

 
 
 Forex spot: EUR/USD USD/JPY GBP/USD USD/CHF 
 
 Spot 0654 GMT 1.2742 80.83 1.5849 0.9445 
 3 Day Trend Bullish Bullish Bearish Bearish 
 Weekly Trend Bearish Bullish Bearish Bullish 
 200 day ma 1.2867 79.18 1.5883 0.9395 
 3rd Resistance 1.2876 81.78 1.5935 0.9513 
 2nd Resistance 1.2791 81.45 1.5915 0.9490 
 1st Resistance 1.2779 81.00 1.5875 0.9463 
 Pivot* 1.2738 79.98 1.5862 0.9450 
 1st Support 1.2717 80.60 1.5826 0.9422 
 2nd Support 1.2690 80.25 1.5780 0.9381 
 3rd Support 1.2661 80.12 1.5766 0.9340 
 

       
Intraday EUR/USD: The 1.2779/91 resistance area is the focus, as the recovery from Tuesday's low at 1.2661 threatens to extend. The ability to protect the 1.2661 low increases the significance of single-print support at 1.2653 from September's Market Profile, and a push above the Nov. 9 bearish outside day high at 1.2791 would strengthen the 1.2661 low, opening the Nov. 7 at 1.2876. The 1.2690 support area has the onus of defending the 1.2661 low.

       
Weekly chart EUR/USD trend: Bearish.

       
Intraday USD/JPY: The 81 level is within striking distance, as Thursday's Asian session strength sets fresh six-month highs. Lower highs at 81.45 and 81.71/81.78 would become vulnerable on a sustained break above 81.00, and the broader bull wave from the Sept. 13 reaction low at 77.13 has room for the 82.36 area. Support at 80.25 limits the scope for corrective weakness.

       
Weekly chart USD/JPY trend: Bullish.

       
Intraday GBP/USD: The GBP bear wave remains on course for 1.5780, as resistance at Wednesday's 1.5915 high remains resolute. Thursday's Asian session push into fresh two-month lows approaches the Sept. 5 higher low at 1.5826, and the Nov. 9 bearish outside day continues to dominate the daily chart. Two minimum downside requirement targets lie closely-knit at 1.5772 and 1.5780, and a long-term rising support line at 1.5766 for this week provides significant backup. A recovery above 1.5915 would provide respite, but only above the bearish outside day high at 1.6017 would question the broader GBP bearish outlook.

       
Weekly chart GBP/USD trend: Bearish.

       
Intraday USD/CHF: Wednesday's low at 0.9422 is likely to play a pivotal role, as USD bulls lose momentum. The setback from Tuesday's peak at 0.9513 has damaged the structure of the sub-dividing bull wave from the Oct. 31 higher low at 0.9277, and a push below 0.9422 would strengthen the 0.9513 peak and expose the intra-wave higher low at 0.9381. Regaining ground above 0.9490 is required to re-open the 0.9513 peak.

       
Weekly chart USD/CHF trend: Bullish.

 
 
 Forex spot: EUR/GBP EUR/JPY EUR/CHF AUD/USD 
 
 Spot 0654 GMT 0.8040 102.98 1.2037 1.0358 
 3 Day Trend Bullish Bullish Bearish Bearish 
 Weekly Trend Range Range Bearish Range 
 200 day ma 0.8101 101.88 1.2076 1.0318 
 3rd Resistance 0.8114 104.59 1.2076 1.0482 
 2nd Resistance 0.8075 104.00 1.2055 1.0461 
 1st Resistance 0.8067 103.42 1.2044 1.0400 
 Pivot* 0.8029 101.76 1.2039 1.0401 
 1st Support 0.8000 102.60 1.2031 1.0345 
 2nd Support 0.7971 102.25 1.2028 1.0305 
 3rd Support 0.7961 102.01 1.2006 1.0236 
 

       
Intraday EUR/GBP: The Oct. 31 lower high at 0.8075 is within striking distance, following Wednesday's push through 0.8030. A 1.618 Fibonacci extension target at 0.8067 protects the 0.8075 lower high, and EUR bulls need to force a break above 0.8075 in order to re-open the Oct. 22 reaction high at 0.8165. However, a head-and-shoulders top pattern is developing on the daily chart, providing caution. The 0.8000 level protects the 0.7961/71 lows.

       
Weekly chart EUR/GBP trend: Range.

       
Intraday EUR/JPY: The recovery from Tuesday's marginal low at 100.33 is putting pressure on the Nov. 7 intra-wave lower high at 103.42. Thursday's Asian session strength also brings the 104.00 lower high into the immediate picture. That defends the Oct. 23 reaction high at 104.59. Corrective weakness will attract support while above 102.25, which has become a pivotal area.

       
Weekly chart EUR/JPY trend: Range.

       
Intraday EUR/CHF: There are still two downwave equality targets at 1.2031 and 1.2028 that are on course to be met. This week's sustained break below 1.2054 also threatens to extend the bear wave towards support at 1.2006 that defends the SNB floor at 1.2000. Projected resistance at 1.2076 which is protected by Wednesday's 1.2044 high, limits scope for corrective EUR gains.

       
Weekly chart EUR/CHF trend: Bearish.

       
Intraday AUD/USD: Thursday's Asian session weakness targets projected support at 1.0305. Wednesday's bearish outside day extends the bear wave from the Nov. 7 bull trap high at 1.0482, although only a sustained break below 1.0305 would create additional downside risk to the Oct. 23 higher low at 1.0236. Resistance at 1.0400 will look to cap corrective AUD strength, and only movement above 1.0400 would open Wednesday's high at 1.0461.

       
Weekly chart AUD/USD trend: Range.

       
* The pivot is the sum of the high, low and close divided by 3.

       
For more technical analysis see: Dow Jones Newswires, N/DJTA; Bloomberg, NI DJTA; and Reuters key word search "INSI-DJN"

       
By Francis Bray; Dow Jones Newswires; +44 (0)207 842 9249; francis.bray@dowjones.com

       
Francis Bray is Dow Jones' chief technical analyst for Europe, and has worked as a technical analyst and trader for 20 years in London, Barcelona and Guernsey.

       
Data provided by CQG International Ltd.

       
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(END) Dow Jones Newswires

       
November 15, 2012 02:40 ET (07:40 GMT)