Short Term Technical Analysis for Majors (08:00 GMT)

[WindsorBrokers]

EUR/USD

Last Friday’s failure under key near-term resistance at 1.3860, has seen a reversal to 1.3710, just above 1.3703, 34 Feb previous low, where the fresh strength emerged. Break above 1.3800 barrier is now requested to resume gains towards 1.3837, 25 Feb high and final attempt at 1.3860, break of which is needed to resume recovery from 1.2872, 10 Jan low. Upside rejection under 1.3860, however, would risk double top, ahead of fresh weakness, with loss of 1.3710 required to confirm.

Res: 1.3793, 1.3837, 1.3860, 1.3900
Sup: 1.3710, 1.3703, 1.3680, 1.3644




GBP/USD

Remains in a near-term downtrend from 1.6272/53 highs, after loss of 1.6100/1.6084 support triggered fresh downside extension to 1.6030. Recovery attempt from here has so far been capped by 1.6159/50, with sustained break above here needed to spark fresh recovery. Otherwise, focus will remain on retest of 1.6030 and 1.5957, 14 Feb low, loss of which to confirm near-term double top and open way for fresh weakness.

Res: 1.6150, 1.6159, 1.6180, 1.6215
Sup: 1.6071, 1.6057, 1.6030, 1.5957





USD/JPY

Extends weakness from 16 Feb high at 83.96, to break below 81.75, 08 Feb higher low and 76.4% of 81.10/83.96 ascend, reaching 81.61 so far. Corrective attempt remains capped by 82.00 zone for now, with fresh weakness looking for test of 81.10/80.92, key higher lows, loss of which will signal an end of recovery phase and expose 80.24, 01 Nov 2010 15-year low.

Res: 82.05, 82.31, 82.63, 82.85
Sup: 81.61, 81.30, 81.10, 80.92





USD/CHF

Trades in a narrow consolidative range after loss of key 0.9301 key support triggered fresh weakness to post a series of record lows, with 0.9221 low seen thus far. Near-term studies favor fresh weakness towards 0.92/0.9150 initially. Current bounce higher is seen corrective while 0.9390 caps, and only break here to signal stronger correction.

Res: 0.9316, 0.9327, 0.9390, 0.9432
Sup: 0.9238, 0.9221, 0.9200, 0.9150