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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 » Tue Apr 05, 2011 1:59 pm

EUR/USD

Remains on the back foot after breaking below 1.4190, yesterday’s floor. Over 50% of 1.4060/1.4267 upleg has so far been retraced, with near-term focus at 1.4140, 61.8% retracement, loss of which will sideline bulls for possible return to key near-term supports at 1.4060/40. On the upside, immediate resistance lies at 1.4200, 20 day MA.

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

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GBP/USD

Regains strength after pullback from 1.6175 found footstep at 1.6190. Fresh rally above 1.6175/1.6200 barriers cleared 61.8% retracement at 1.6221, to reach 1.6263, just ahead of 1.6266/70, 24 Mar high / 23 Mar intraday high and 1.6290, 76.4% retracement. Overbought hourly studies suggest correction before fresh push higher, with initial support at 1.6175. Loss of today’s low at 1.6090, however, would increase risk of lower top, and break below 1.6060, 61.8% of 1.5935/1.6263, to signal possible return to 1.5970/34, key support zone.

Res: 1.6263, 1.6270, 1.6290, 1.6305
Sup: 1.6214, 1.6175, 1.6138, 1.6100

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USD/JPY

Maintains short-term bulls after break above 200 day MA, with correction from 84.72, fresh high posted on 01 Apr, found support at 83.85. Rally above 84.00 is now looking for retest of 84.72, above which will open 85.38, 24 Sep 2010 high, possibly 85.92, 16 Sep 2010 high. On the downside, 84.15/83.85 offer initial supports.

Res: 84.75, 85.00, 85.38, 85.92
Sup: 84.47, 84.15, 84.00, 83.85

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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, ahead of fresh strength attempting to break above 0.9190/0.9250 range. Sustained break here 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: 0.9271, 0.9293, 0.9338, 0.9367
Sup: 0.9217, 0.9200, 0.9190, 0.9170

[IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20110405133627.gif[
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