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Short Term Technical Analysis for Majors (13:30 GMT)

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Short Term Technical Analysis for Majors (13:30 GMT)

Postby WindsorBrokers » Thu Mar 31, 2011 1:58 pm

EUR/USD

Has extended gains from 1.4050 higher platform, clearing previous highs at 1.4147 and 1.4218, to hit 1.4232, ahead of pullback on overbought hourly conditions. Loss of 1.42 handle has so far retraced 38.2% of 1.4050/1.4232 upleg at 1.4165, just ahead of 1.4156/47, previous high / 20 day MA, where a higher low is anticipated in order to maintain near-term bulls and fresh attack at 1.4232 and key barrier at 1.4247, break of which is required to open 1.4280, Nov 2010 high / major trendline resistance. At the downside, strong support lies at 1.4115, yesterday’s higher low / near 61.8% retracement, and potential loss here to sideline near-term bulls in favor of further weakness towards 1.4050 and key support at 1.4020.

Res: 1.4180, 1.4200, 1.4232, 1.4247
Sup: 1.4156, 1.4147, 1.4126, 1.4115

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GBP/USD

Upside failure to sustain gains above strong resistance at 1.6140 has triggered sharp reversal under 1.61 to reach 1.6015, just above 1.6010, yesterday’s higher low. Negative near-term studies favor further weakness towards 1.5980 and possible retest of 1.5935/42, key near-term support, while corrective bounce on oversold hourly studies is seen capped by 1.6090, intraday high / 20 day MA.

Res: 1.6090, 1.6127, 1.6149, 1.6167
Sup: 1.6015, 1.6010, 1.5978, 1.5942

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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

Correction from yesterday’s spike high at 0.9273 re-tested 0.9138, 29 Mar higher low, also near 38.2% Fibonacci retracement of 0.8900/1.9273 ascend, increasing risk of deeper reversal. 20 day MA, currently at 0.9170, supports fresh decline, though, oversold hourly conditions see scope for bounce, with initial resistance at 0.9200. Further downside, 0.9089/73, 50% retracement, 24/25 Mar lows are seen next, ahead of 0.9042, 61.8%. To avert immediate bear pressure, regain of 0.92 is required.

Res: 0.9200, 0.9232, 0.9273, 0.9310
Sup: 0.9125, 0.9089, 0.9073, 0.9042

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