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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 » Tue Mar 15, 2011 8:26 am

EUR/USD

Sours the near-term outlook after yesterday’s rejection at 1.40 barrier and subsequent reversal under 1.39 level. Immediate support lies at 1.3885, 20 day MA at 4-hour chart, with break here to signal lower top at 1.40 and risk further weakness towards 1.3877, 50% of 1.3751/1.4002 ascend and1.3850, 61.8% retracement. At the upside, 1.3946/63 caps for now.

Res: 1.3946, 1.3963, 1.3979, 1.4002
Sup: 1.3892, 1.3885, 1.3877, 1.3850

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GBP/USD

Yesterday’s break through 1.61 barrier has triggered fresh gains that failed at 1.62 resistance. Sharp reversal reached 1.6050 low, just above 1.6026, yesterday’s higher low, turning near-term tone negative. Today’s recovery attempt rejection at 1.6137, caps for now, with 1.6026 and key near-term support at 1.5976 in sight. Loss of the recent range floor and 55 day MA at 1.5976/57 would confirm short-term top at 1.6340 and open way for fresh weakness.

Res: 1.6097, 1.6110, 1.6137, 1.6156
Sup: 1.6050, 1.6026, 1.6010, 1.5976

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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 the latter, with 81.22 seen so far, en-route to 80.59/24 zone. At the upside, 82.00 offers immediate resistance.

Res: 81.86, 82.00, 82.25, 82.45
Sup: 81.22, 81.10, 80.57, 80.24

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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 supports, to break below 0.9221, 04 Mar previous low. This maintains negative near-term tone and keeps focus at key support at 0.9200, loss of which will open fresh phase lower. At the upside, 0.9250/87 offers initial resistance, while regain of 0.9300/14 needed to signal recovery.

Res: 0.9250, 0.9287, 0.9300, 0.9314
Sup: 0.9212, 0.9200, 0.9150, 0.9100

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