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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 » Mon Apr 04, 2011 1:57 pm

EUR/USD

Maintains positive tone off last Friday’s 1.4060 spike low, to post fresh 2011 high at 1.4267, ahead of shallow correction. Near-term support was found at 1.4191, with fresh strength looking for retest of 1.4267 and key resistance at 1.4280, Nov 2010 high and major bear trendline, connecting 1.6039 and 1.5144, 2008/2009 peaks. Today’s higher low at 1.4191 offers initial support.

Res: 1.4247, 1.4280, 1.4300, 1.4356
Sup: 1.4225, 1.4191, 1.4175, 1.4140

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GBP/USD

Minor correction off today’s fresh high at 1.6175, found support at 20 day MA at 6119, ahead of return back to 1.6175. Break here will signal an extension of recovery attempt from 1.5935/42 double bottom and last Friday’s higher low at 1.5971, and expose 1.6215, 24 Mar intraday high, then 1.6235, 61.8% retracement of 1.6400/1.5935 decline, where a lower top is anticipated before fresh leg lower of the broader downtrend from 1.6400. On the downside, 1.6119/00 zone offers initial support.

Res: 1.6175, 1.6200, 1.6220, 1.6270
Sup: 1.6131, 1.6119, 1.6100, 1.6070

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USD/JPY

Friday’s break above 200 day MA at 83.60, has given an additional boost to the pair, clearing 84.00 barrier and key short-term resistance at 84.49, Dec 2010 high, to hit 84.72 high thus far. This now signals fresh recovery phase off 89.00 record low and looks for test of 85.00/90 next. Initial support at 84.00 has been taken, with further correction seen towards 83.40/20 zone, that is expected to hold dips, to keep near-term bulls in play.

Res: 84.37, 84.49, 84.75, 85.00
Sup: 83.75, 83.40, 83.20, 83.00

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USD/CHF

Reversal from fresh 3-wwek high at 0.9338, posted last Friday, is now testing 55 day MA, also 61.8% retracement of the latest 0.9125/0.9338 rally, with higher low in this area sought to maintain positive short-term tone off 0.8900, fresh record low, and above 0.9338, to focus key short-term barrier at 0.9367, 09 Mar two-week consolidation ceiling, also between 50% and 61.8% of the broader 0.9773/0.8900 decline. Key near-term support lies at 0.9125, 31 Mar low.

Res: 0.9249, 0.9260, 0.9273, 0.9293
Sup: 0.9200, 0.9185, 0.9170, 0.9140

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