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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 Apr 05, 2011 7:26 am

EUR/USD

Retraces the latest rally from 1.4060 that peaked at 1.4267, fresh yearly low, yesterday. Near 50% has been retraced so far at 1.4168, with higher low seen in this area, as hourly studies approach oversold zone, to maintain near-term bulls. Upside clearance of 1.4267 is needed to expose key resistance at 1.4280, Nov 2010 peak/major bear trendline resistance. On the downside, loss of 1.4150/40 will sideline bulls and signal return to 1.4060/40, key near-term support zone.

Res: 1.4206, 1.4231, 1.4249, 1.4267
Sup: 1.4163, 1.4140, 1.4131, 1.4115

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GBP/USD

Eases back after yesterday’s double failure at 1.6175. Downside remains supported by 1.61 zone for now, keeping the upside in focus, with break above 1.6175 to resume near-term recovery attempt and open 1.6220/65, 61.8% of 1.6400/1.5935 / 24 Mar high, next. Loss of 1.61 zone, however, would signal lower top and open way for retest of key near-term support zone at 1.5970/40.

Res: 1.6175, 1.6200, 1.6220, 1.6270
Sup: 1.6100, 1.6090, 1.6015, 1.5970

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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 phase of recovery from 89.00 record low and looks for test of 85.00/90 next. Brief break below initial support at 84.00 has been contained at 83.85, and while above 83.85/70 zone, focus remains at the upside..

Res: 84.40, 84.49, 84.75, 85.00
Sup: 84.15, 84.00, 83.85, 83.70

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USD/CHF

Reversal from fresh 3-week high at 0.9338, posted last Friday, has so far found support at 0.9190, trading in 0.9190/0.9250 range. Break above 0.9250 is required to continue near-term uptrend and open 0.9338 for retest, break of which will expose key short-term barrier at 0.9367. On the downside, loss of 0.9190 will allow for further easing, and only loss of 0.9125, 31 Mar higher low / near 50% of 0.8900/0.9338 ascend would delay.

Res: 0.9252, 0.9260, 0.9293, 0.9338
Sup: 0.9190, 0.9170, 0.9140, 0.9125

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