Short Term Technical Analysis for Majors (08:30 GMT)

[WindsorBrokers]

EUR/USD

Corrective rally from 1.3266, 25 Mar low, has so far been capped by 1.3536, just ahead of 1.3540, 50% retracement of 1.3816/1.3266 downleg. Reversal off 1.3536 has so far reached 1.3383, ahead of 1.3370, 61.8% retracement of 1.3266/1.3436 upleg. Current softened tone now favors further weakness through 1.3383 to focus 1.3344, with possible retest of 1.3266 on a break. Only regain of 1.3536 would provide relief and target 1.3570, key lower ceiling.

Res: 1.3437, 1.3451, 1.3487, 1.3536
Sup: 1.3383, 1.3370, 1.3344, 1.3266




GBP/USD

Continue to correct 1.5380/1.4797 downleg, to extend gains to 1.5125 high, posted yesterday. Shallow pullback followed, with positive structure now seeking for 1.5123, trendline resistance, then of 1.5156, 61.8% retracement of 1.5380/1.4797 decline, ahead of possibly forming lower top.


Res: 1.5123, 1.5145, 1.5156, 1.5165
Sup: 1.5042, 1.5018, 1.4975, 1.4955




USD/JPY

Yesterday’s completion of a bull flag has triggered a continuation of near-term uptrend, with clearance of 92.94, current range ceiling, extending gains to 93.59 thus far. Further, 93.75, 08 Jan 2010 high is now key and clearance there would attract 94.05, 28 Aug 09 high. 92.74 offer immediate support and only below 92.11 to delay immediate bulls.

Res: 93.59, 93.75, 94.05, 94.30
Sup: 93.02, 92.74, 92.45, 92.11




USD/CHF

Pullback off 1.0749, 25 Mar high, spiked lower at 1.0575 on 29 Mar. A key higher low was then posted at 1.0585 on 30 Mar, also marking a trendline support, and the bounce has broken a trendline drawn off 1.0749. This signals further recovery through 1.0688 to challenge 1.0720, trendline off 1.0887.

Res: 1.0688, 1.0702, 1.0720, 1.0752
Sup: 1.0611, 1.0585, 1.0575, 1.0545