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Short Term Technical Analysis for Majors (07:00 GMT)

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Short Term Technical Analysis for Majors (07:00 GMT)

Postby WindsorBrokers » Tue Mar 29, 2011 7:32 am

EUR/USD

Has found near term support at 1.4020, with fresh strength exceeding yesterday’s high at 1.4115. This may signal further recovery towards 1.4155/60 zone, 25 Mar high / 61.8% retracement of 1.4247/1.4020 decline, where a lower top is anticipated. Downside loss of 1.4020 to open 1.3980 next, while upside regain of 1.4200/13 to confirm bulls for 1.4280, previous high / major bear trendline test.

Res: 1.4160, 1.4175, 1.4200, 1.4213
Sup: 1.4115, 1.4087, 1.4060, 1.4020

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GBP/USD

Corrects the latest downleg from 1.6400 that reached 1.5935, fresh two-month low, and extending above 1.60 barrier. 1.6040 zone has so far limited gains. Break here will face immediate resistance at 1.6060, previous low and 20 day MA on 4-hour chart, clearance of which to signal further recovery and expose key near-term resistance at 1.6140/60, 25 Mar lower high / 55 day MA, where bears should re-assert, for fresh leg lower. Short- term outlook remains bearish, and loss of 1.5935 to focus 1.5820/1.5750 levels.


Res: 1.6040, 1.6060, 1.6088, 1.6111
Sup: 1.5978, 1.5935, 1.5870, 1.5820

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USD/JPY

Continues to trade within narrow range after break above 81.31 range ceiling, reached fresh one week high at 81.83. This has so far capped gains, with break above 81.83/82.00 required to continue recovery and open 82.45/83.29, 83.29, 14/11 Mar highs. Initial support lies at 81.50, with potential break lower to expose earlier range floor at 80.70 and key near-term support at 80.57.

Res: 81.83, 81.98, 82.45, 82.60
Sup: 80.50, 80.18, 81.00, 80.70

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USD/CHF

The latest pullback from 0.9232, yesterday’s recovery high, is seen corrective while above 0.9120, with fresh gains above 0.9232 to expose 0.9310 and key short-term resistance at 0.9367. At the downside, loss of 0.9122 would weaken the near-term tone
And open 0.9075/27 instead.

Res: 0.9204, 0.9232, 0.9250, 0.9310
Sup: 0.9138, 0.9120, 0.9075, 0.9050

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