Short Term Technical Analysis for Majors (07:45 GMT)

[WindsorBrokers]

EUR/USD

Bounces above 1.2700 mark, after yesterday’s consolidation of last Friday’s heavy losses. Break above Fib 50% of 1.2877/1.2622 downleg at 1.2750, opens way for further correction, however, negative larger timeframes studies keep the downside favored, with the latest bounce seen as selling opportunity, as long as 1.2877 high stays intact. Near-term focus remains at 1.2622, ahead of key supports at 1.2600/1.2586, below which to trigger fresh weakness towards 1.2455/1.2330, 2009/2008 lows.

Res: 1.2780, 1.2800, 1.2844, 1.2877
Sup: 1.2722, 1.2700, 1.2686, 1.2650





GBP/USD

Extends corrective bounce from 1.5322, last Friday’s low, breaking above bear-trendline off 1.5668, to retrace over 50% of 1.5668/1.5322 descend. Near-term studies are turning positive and look for test of next barrier at 1.5400 zone, 13 Jan high / Fib 61.8%. Break here is required to open way towards key short-term resistance at 1.5500, above which would confirm near-term bottom and avoid scenario of fresh weakness towards 1.5000 zone.

Res: 1.5400, 1.5408, 1.5425, 1.5446
Sup: 1.5350, 1.5300, 1.5275, 1.5233





USD/JPY

Comes under pressure after failure to clear 77.00 mark triggered fresh weakness that is currently testing key support zone at 76.50. Clear break here to signal an end of med-term post- intervention consolidative phase and open way for test of 76.10/00, ahead of record low at 75.56, posted on 31 Oct 2010. Near-term studies remain negative and favor further weakness, with potential bounce on oversold hourlies seen limited at 76.85/77.00.

Res: 76.65, 76.75, 76.85, 77.00
Sup: 76.50, 76.10, 76.00, 75.65





USD/CHF

Continues to move within the recent 0.9400/0.9573 range, as the main upside target at 0.9600 stays intact for now. Strong reversal under 0.9500 mark faces supports at 0.9470, Fib 61.8% and 0.9450, while risk increases for test of key near-term support at 0.9400, loss of which would trigger fresh weakness towards 0.9300 and further delay broader uptrend from 0.7067.

Res: 0.9500, 0.9523, 0.9564, 0.9573
Sup: 0.9470, 0.9450, 0.9400, 0.9350