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Short Term Technical Analysis for Majors (14:30 GMT)

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Short Term Technical Analysis for Majors (14:30 GMT)

Postby WindsorBrokers » Mon Mar 14, 2011 3:09 pm

EUR/USD

Bounce from 1.3751, Friday’s low, holds gains above 1.39 support and today’s low, with 1.3979 seen so far, just ahead of 1.3987, 08 Mar previous high. Near-term outlook remains bullish, but overbought hourly conditions see scope for correction. 1.3900/1.3892, today’s low / 38.2% retracement of 1.3751/1.3979 upleg should hold dips to maintain immediate bulls for attempt at 1.4000/35.

Res: 1.3979, 1.4000, 1.4018, 1.4035
Sup: 1.3941, 1.3915, 1.3900, 1.3892

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GBP/USD

Clearance of 1.61 barrier has triggered fresh extension of bounce from 1.5976, last Friday’s low, to reach 1.6145, just above 1.6035, 38.2% retracement of 1.6241/1.5976 downleg. This increases hopes of further recovery and test of 1.6195/1.6212, resistances, ahead of 1.6241, 09 Mar lower high. Correction on overbought hourly studies sees immediate support at 1.6100/1.6085, with further reversal towards 1.6060 not ruled out, before bulls re-assert. Only loss of 1.6040/25 will signal an end of recovery attempt and re-expose 1.5976/57.

Res: 1.6149, 1.6175, 1.6195, 1.6212
Sup: 1.6100, 1.6085, 1.6060, 1.6040

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USD/JPY

Near-term outlook weakens again after strong recovery from 80.59 spike low, surged through 82.00 barrier, to reach 82.45 high. Failure to hold gains above 82.00 has seen a return below here, to re-focus 81.60/10 zone, while 82.45 caps the upside.

Res: 82.00, 82.25, 82.45, 82.60
Sup: 81.72, 81.65, 81.29, 80.57

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USD/CHF

Near-term recovery from 0.9200, fresh record low, has so far been limited by 0.9360 zone, with subsequent reversal breaking below 0.9270/55 support zone. This maintains negative near-term tone and focuses 0.9234/21, previous low, ahead of eventual attempt at key support at 0.9200, loss of which will open fresh phase lower. At the upside, 0.9300/15 caps for now, and only break here to ease immediate bear pressure.

Res:0.9357, 0.9367, 0.9390, 0.9417
Sup: 0.9240, 0.9234, 0.9221, 0.9200

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