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

[WindsorBrokers]

EUR/USD

Holds yesterday’s strong gains after clearance of 1.3889 previous extended to 1.3970. immediate target lies at 1.40, psychological barrier, above which will open way towards 1.4280, 31 Oct 2010 peak and key trendline resistance at 1.4308. Current range floor at 1.3924 offers initial support, while dips should be contained by 1.3860/30.

Res: 1.3970, 1.4000, 1.4083, 1.4100
Sup: 1.3940, 1.3924, 1.3890, 1.3845




GBP/USD

Trades in a near-term corrective mode after posting fresh high at 1.6342. Temporary support was found at 1.6252, ahead of 1.6215 higher platform, holding above which will keep bulls in play for fresh attack at 1.6342, to focus 1.6377/1.6456 on a break. Below 1.6315 will allow for stronger correction towards 1.6185/45 zone.

Res: 1.6290, 1.6314, 1.6331, 1.6342
Sup: 1.6252, 1.6223, 1.6215, 1.6185





USD/JPY

Extends near-term strength after bounce from 81.57, trendline support, cleared 82.00/23 barriers. 38.2% Fibonacci retracement of 83.96/81.57 decline have been reached so far at 82.50, with scope for further extension towards 82.90/83.05, break of which to sideline immediate bears. At the downside, 82.20/10 zone is expected to hold corrective dips, to maintain immediate bulls.

Res: 82.50, 82.75, 82.90, 83.05
Sup: 82.20, 82.10, 81.76, 81.57





USD/CHF

Maintains positive near-term tone from 0.9200, fresh record low, with slight extension above 0.9320 resistance, expected to trigger further recovery and open 0.9390/0.9406, 23 Feb high / 38.2% retracement of 0.9737/0.9200 downleg, and above here to focus 0.9470/0.9504 next. Early upside rejection, however, risks a lower top and resumption of the broader downtrend.

Res: 0.9327, 0.9390, 0.9406, 0.9470
Sup: 0.9300, 0.9270, 0.9232, 0.9221