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Short Term Technical Analysis for Majors (08:00 GMT)

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Short Term Technical Analysis for Majors (08:00 GMT)

Postby WindsorBrokers » Wed Mar 09, 2011 8:24 am

EUR/USD

Pullback from 1.4035 fresh high, has so far retraced over 50% of the 1.3710/1.4035 upleg, trading in a narrow consolidative range, after overnight’s failure to sustain gains above 1.39, with 1.3870/60, key near-term support area, holding the downside. Near-term outlook, however, remains negative, favoring break below 1.3860, to open way for further weakness towards 1.3830/00, before bulls re-assert for fresh push higher, as bullish daily studies keep focus at 1.4000/35, break of which to expose 1.4280/1.4307.

Res: 1.3923, 1.3942, 1.3955, 1.3987
Sup: 1.3860, 1.3845, 1.3803, 1.3725

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GBP/USD

Extends the near-term weakness after upside rejection at 1.6234, with yesterday’s consolidative/corrective attempt being capped by 1.62 zone. Fresh weakness has so far reached 1.6124, near 76.4% retracement of 1.6030/1.6342 upleg, above which consolidation is under way. While 1.6205 holds the upside, near-term focus remains towards 1.61/1.6070 zone, ahead of possible return to 1.6030, 25 Feb low and key near-term support.

Res: 1.6186, 1.6205, 1.6214, 1.6234
Sup: 1.6139, 1.6124, 1.6089, 1.6071

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USD/JPY

Maintains near-term positive tone after sharp reversal from 83.05 spike high found support at 81.94. Market has so far reached 82.92, just ahead of key 83.05 barrier, also 61.8% retracement of 83.96/81.57 decline, break of which is needed to resume recovery and expose 83.52/96, with possible attempt at 84.49, key short-term resistance. Failure under 83.05, however, would risk lower top.

Res: 82.92, 83.05, 83.23, 83.52
Sup: 82.59, 82.45, 82.20, 81.94

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USD/CHF

Fresh strength from 0.9234 higher low broke above 0.9327 resistance, to confirm near-term floor at 0.9221/00. Consolidation below 0.9365, fresh 2-week high is under way, with 0.9327/00 zone offering support. Focus is at 0.9415/32, 38.2% retracement / 21Feb former low, break of which is required to confirm recovery and open way towards 0.9504/37 next.
Res: 0.9365, 0.9390, 0.9415, 0.9432
Sup: 0.9327, 0.9302, 0.9275, 0.9221

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