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Short Term Technical Analysis for Majors (13:00 GMT)

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Short Term Technical Analysis for Majors (13:00 GMT)

Postby WindsorBrokers » Wed Mar 30, 2011 1:43 pm

EUR/USD

Brief break below near-term triangle support at 1.4060 keeps focus at the downside, as series of lower highs at 1.4147/26 suggest attack at 1.4020, key near-term support. Loss of the latter will signal a continuation of reversal from 1.4247, 22 Mar peak and open 1.4000, 50% retracement of 1.3750/1.4247 upleg and 1.3980, 17/18 Mar lows. At the upside, only regain of 1.4147 will avert immediate downside risk.

Res: 1.4115, 1.4126, 1.4147, 1.4155
Sup: 1.4057, 1.4046, 1.4020, 1.4000

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GBP/USD

Break above 1.5942/1.6040, near-term consolidation band, was short-lived, as reversal back to 1.60 zone followed rally to 1.6081, day’s high. Weakening near-term studies would favor further easing, in case of 1.60/1.5980 support zone is lost, to target 1.5935. However, higher low above 1.5980 would keep 1.6081 in focus, with break here to suggest stronger recovery towards 1.6112/40.

Res: 1.6040, 1.6081, 1.6090, 1.6112
Sup: 1.6009, 1.5978, 1.5942, 1.5935

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USD/JPY

Fresh gains from near-term higher platform at 81.50 eventually broke above 82.00, recovery high, and 82.45, 14 Mar high, to probe above 83.00 so far. Sustained gains above 83.00 will look for test of 83.29, 11 Mar high, possibly 83.96/84.49, key short-term barriers. However, overbought four hour conditions, suggest corrective pullback. Immediate support lies at 82.35, while potential loss of 81.55 higher platform would delay bulls.

Res: 83.17, 83.29, 83.52, 83.96
Sup: 82.80, 82.52, 82.35, 82.00

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USD/CHF

Reversal from 0.9232 recovery high, found support at 0.9138, just above key near-term support at 0.9120, followed by fresh rally. Brief break above 0.9232 barrier suggests fresh gains towards 0.9300 will open way for fresh phase higher and expose key short-term barrier at 0.9367. At the downside, immediate support lies at 0.92 zone while 0.9138/20 underpins.


Res: 0.9250, 0.9310, 0.9361, 0.9367
Sup: 0.9202, 0.9193, 0.9138, 0.9120

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