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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 » Thu Mar 17, 2011 3:09 pm

EUR/USD

Final push through 1.4000/35 barriers has so far seen 1.4055 high, ahead of correction on overbought hourly chart. 38.2% of 1.3867/1.4055 has so far been retraced, at 1.3980 with higher low anticipated here to maintain bulls for fresh attempt higher. Sustained break above 1.4055 will target 1.4100, then 1.4280, Nov 2010 high and trendline resistance, connecting 1.6039 and 1.1.5144 peaks.

Res: 1.4015, 1.4035, 1.4055, 1.4083
Sup: 1.3953, 1.3915, 1.3865, 1.3854

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GBP/USD

Bounces higher after yesterday’s weakness through 1.5976 double bottom extended to test key short-term support and range floor at 1.5957, also 38.2% retracement of 1.5343/1.6342 upleg. Gains cleared 1.6137 resistance, extending to 1.6170 thus far, en-route to 1.6200, possibly 1.6241 on a break. Pullback on overbought conditions is seen corrective, with higher low expected at 1.6090/70 before fresh push higher, while below 1.6040 would signal lower top at 1.6170 and fresh attack at 1.5957.


Res: 1.6150, 1.6170, 1.6200, 1.6241
Sup: 1.6100, 1.6090, 1.6070, 1.6040

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USD/JPY

Has ended recovery attempt from 80.24, Nov 2010 low, after losing key supports and break below 80.24 and 79.75, 1995 all-time low, has triggered sharp decline to post fresh record low at 76.25. Subsequent strong bounce reached 79.75 so far, though break above 80.65/81.00 is required to ease bear pressure, as near-term studies remain negative.

Res: 79.43, 79.75, 80.00, 80.24
Sup: 78.24, 78.00, 76.94, 76.25

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USD/CHF

Has dipped to fresh record low at 0.8900 after losing the previous 0.9139 handle. Corrective bounce reached 0.9057, ahead of narrow consolidation. 0.8976 underpins for now, though upside regain of 0.9139/96 is needed to signal further recovery, otherwise, fresh weakness towards 0.8900 and possible fresh lows, would be likely scenario.

Res: 0.9027, 0.9046, 0.9057, 0.9070
Sup: 0.9010, 0.8993, 0.8976, 0.8958

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