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

[WindsorBrokers]

EUR/USD

Maintains bullish tone, trading in a narrow consolidative range, just under 1.4182 high. Market looks for break above 1.4200 barrier to target key resistances at 1.4280, Nov 2010 peak and major trendline resistance, currently at 1.4303. 20 day MA at 1.4157 on hourly chart and 1.4153 range low, offer immediate support, ahead of 1.4120/00, while loss of 1.4040 would open way for deeper correction.


Res: 1.4182, 1.4200, 1.4256, 1.4280
Sup: 1.4155, 1.4120, 1.4105, 1.4082





GBP/USD

Holds gains after Friday’s break above 1.6241, previous high, and shallow correction off 1.6254 fresh high, being contained by 1.62 zone for now. Fresh strength above will try again at 1.6300/42, key resistance zone, break of which will open fresh phase higher. 1.62/1.6180 offers initial support, ahead of 1.6150, while below 1.6135/20 would signal temporary top.

Res: 1.6254, 1.6300, 1.6340, 1.6370
Sup: 1.6200, 1.6180, 1.6150, 1.6135





USD/JPY

Has found temporary support below 81.00 after strong rally from 76.25 record high regained 82.00 level, with subsequent correction reversing at 80.57. Clearance of 81.00 now eyes 82.00, break of which is needed to resume recovery and expose 83.05/29 next. 80.57 underpins the advance, and break here to signal lower top ahead of fresh weakness.

Res: 81.74, 81.98, 82.41, 83.05
Sup: 80.81, 80.57, 80.16, 79.75





USD/CHF

Undergoes recovery after dipping to a fresh all-time low at 0.8900
Correction above 0.8960 higher low remains capped by 0.9090, Friday’s high, with break here needed to resume towards 0.92 level, break of which is needed to continue recovery and open 0.9370 next, otherwise fresh attack at 0.8960/00 and posting new record high, would be likely scenario.


Res: 0.9058, 0.9090, 0.9139, 0.9200
Sup:0.9028, 0.9000, 0.8986, 0.8961