Short Term Technical Analysis for Majors (13:30 GMT)

[WindsorBrokers]

EUR/USD

Maintains strong short-term bear tone from yesterday’s 1.3796 lower top. Break below 1.3585 and key support at 1.3500, accelerated losses through 1.3423/00, 14 Feb low / Fib 50% retracement of longer-term rally from 1.1875, 2010 low to 1.4938, 2011 high, to post fresh nine-month low below 1.3400 handle. Short-term studies continue to point lower, with scope for further extension lower and 1.3245, 16 Jan low, seen as near-term target. Oversold conditions in both 1 and 4-hour charts, warn of corrective bounce, with initial resistance zone standing at 1.3540/85 zone, Fib 38.2% of 1.3796/1.3384 fall / 19 Sep low.

Res: 1.3476, 1.3486, 1.3540, 1.3585
Sup: 1.3420, 1.3400, 1.3384, 1.3350




GBP/USD

Accelerates losses after recovery attempt from 1.5632, 19 Sep low, was capped by bear trendline from 1.6453, with fresh weakness through 1.5500 support, Fib 50% of 1.4230/1.6745 ascend and 1.5474/04 supports, to eventually break under key med-term support at 1.5343, 26 Dec 2010 low. Fresh one year low has been posted at 1.5326, with 1.5295, 5 Sep 2010 low and 1.5195, Fib 61.8% in sight. Short-term studies maintain bearish tone, with corrective bounce on oversold hourly / 4-hour charts under way. On the upside, 1.5547/1.5500 zone offers initial resistance.

Res: 1.5400, 1.5424, 1.5500, 1.5447
Sup: 1.5326, 1.5300, 1.5250, 1.5195




USD/JPY

Yesterday’s bounce from 76.10 low has regained traction to extend gains and test key short-term barrier at 77.00. Failure to break higher has resulted in fresh weakness, with the latest attempt below 76.30, weakening near-term tone for fresh attack at 76.10/75.93 low, below which would turn tone bearish. On the upside, 77.00 offers strong resistance and caps for now.

Res: 76.32, 76.41, 76.55, 76.96
Sup: 76.10, 76.00, 75.93, 75.50





USD/CHF

Maintains strong bull tone from 0.8646, 15 Sep low, with clearance of strong resistance zone at 0.8850/0.8950, 200 day MA / main trendline resistance and previous high, to extend gains close to 0.9200, our initial target. Pullback on overbought near-term studies faces initial supports at 0.9000/0.8926, where 20 day MA currently stands, with reversal above the latter to maintain immediate bulls.

Res: 0.9180, 0.9200, 0.9250, 0.9300
Sup: 0.9050, 0.9000, 0.8984, 0.8926