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

[WindsorBrokers]

EUR/USD

Yesterday’s attack at key resistance at 1.3860 stalled at 1.3854, fresh yearly high, ahead of correction into 1.38 zone. The near-term uptrend remains intact while 1.37 support holds, with scope for renewed attempt at 1.3860, above which will open fresh leg higher and bring 1.4280, 04 Nov 2010 high, to focus.

Res: 1.3829, 1.3854, 1.3860, 1.3900
Sup: 1.3779, 1.3759, 1.3710, 1.3647




GBP/USD

Upside rejection at 1.6272/53 has seen a dip to 1.6030, where support was found, and upside break above 1.61 barrier has accelerated gains through 1.6253/72 barriers, to test key resistance at 1.6297, 04 Nov 2010 high. Sustained break here is needed to open fresh phase higher from 1.5343, 28 Dec 2010 higher low and expose 1.6456, Jan 2010 peak. Rejection at 1.63 would trigger fresh reversal, with 1.6030 expected to contain.

Res: 1.6287, 1.6298, 1.6371, 1.6456
Sup: 1.6250, 1.6215, 1.6185, 1.6160





USD/JPY

Attempts to build near-term base after finding support at 81.61 and bounce from here breaking above 82.00 initial resistance. Immediate targets lie at 82.50/85, while break above 83.00 to confirm recovery for attempt at 83.96/84.49 barriers. Upside rejection under 82.85 would risk lower top, ahead of fresh weakness, and below 81.61 to target 81.10/80.92 next.

Res: 81.94, 82.05, 82.31, 82.63
Sup: 82.05, 81.90, 81.72, 81.61





USD/CHF

Remains in a near-term corrective mode, after hitting fresh record low at 0.9221 on 25 Feb. Clearance of initial barrier at 0.9315 will focus 0.9390, ahead of 0.9430, 21 Feb former low / 38.2% Fibonacci retracement of 0.9773/0.9221 descend, and then 0.95 zone, near 50%, break of which is needed to confirm recovery, otherwise, lower top under 0.95 and fresh weakness towards 0.9221, would likely scenario.

Res: 0.9320, 0.9390, 0.9430, 0.9504
Sup: 0.9258, 0.9238, 0.9221, 0.9200