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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 » Thu Mar 31, 2011 7:34 am

EUR/USD

Higher platform at 1.4045/50 has contained reversal from 1.4147, with fresh strength exceeding 1.4147 to dent triangle upper border at 1.4160. This favors further gains, as hourly studies are positive, but overbought conditions see risk of pullback. Initial support lies at 1.4115, while 1.4050 underpins current advance, with higher low on corrective reversal seen at 1.41 zone, to maintain near-term positive tone. However, regain of levels above 1.42 is required to confirm, as upside rejection under 1.4190/1.4218 would risk a lower top ahead of fresh leg lower, with potential loss of 1.4020, key near-term support, to signal an extension of correction from 1.4247.

Res: 1.4165, 1.4192, 1.4218, 1.4247
Sup: 1.4126, 1.4115, 1.4050, 1.4040

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GBP/USD

Extends bounce from 1.5935/42, near-term double bottom, after yesterday’s upside rejection at 1.6081 and subsequent reversal was contained at 1.6010. Fresh rally through 1.6081 has so far reached 1.6118, 38.2% retracement of 1.6400/1.5935 decline, with regain of 1.6140, key near-term barrier, needed to resume recovery and expose 1.6167, 50% and 1.6215/21, 24 Mar high / 61.8% retracement, break of which opens way for possible retest of 1.6400 peak. Hourly studies are approaching overbought zone, increasing risk of corrective pullback preceding fresh rally. Dips need to hold above 1.6010 to maintain immediate bulls.

Res: 1.6127, 1.6140, 1.6167, 1.6215
Sup: 1.6082, 1.6060, 1.6010, 1.5978

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USD/JPY

Corrects the recent rally through 83.00 barrier that peaked at 83.20, with 82.55 seen so far, ahead of initial support at 82.35, yesterday’s low. To maintain near-term bullish outlook, higher low above 81.50 is required, With break above 83.29 needed to confirm and open 83.67, possibly 84.00/49, key short-term resistance zone.

Res: 83.20, 83.29, 83.52, 83.96
Sup: 82.55, 82.35, 82.00, 81.50

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USD/CHF

Trades in near-term consolidative mode, following reversal from 0.9273, yesterday’s spike high. While 0.9138, current range floor holds, near-term bulls stay intact for fresh gains through 0.9273 to focus 0.9367, key near-term barrier. Downside loss of 0.9138/31, 29 Mar low, 38.2% retracement of 0.8900/0.9273 ascend, however, will delay and open way for deeper reversal towards 0.9085/41.

Res: 0.9200, 0.9232, 0.9273, 0.9310
Sup: 0.9154, 0.9138, 0.9131, 0.9120

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