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

[WindsorBrokers]

EUR/USD
Losses through key short-term support at 1.2968 have been initially contained by 1.29 zone, with fresh weakness below here looking for further downside extension. Next target lies at 1.2828, 14 Sep10 low, ahead of 1.2702/1.2643 lows, where the latest upleg started. Oversold conditions, however, warn of correction, with 1.2968, now reverted to resistance, marks the initial barrier, ahead of 1.3020/54 zone.

Res: 1.2928, 1.2968, 1.3020, 1.3054
Sup: 1.2872, 1.2828, 1.2795, 1.2702




GBP/USD
Break below near-term supports at 1.5445/33 has so far found support at 1.5404, ahead of strong rally. Immediate targets at 1.5552/62 have been cleared, extending gains to 1.5578 so far, with scope for possible retest of key peaks at 1.5644/59, break of which will resume recovery from 1.5343. Key near-term support lies at 1.5404 and loss here would re-focus 1.5366/43.

Res: 1.5568, 1.5578, 1.5626, 1.5644
Sup: 1.5512, 1.5493, 1.5424, 1.5404




USD/JPY
Sharp reversal from 83.67, Friday’s peak has so far been contained by 82.84, previous low, with fresh strength required to clear 83.67 to resume the latest rally off 80.92, 03 Jan low, and open 83.90/84.19 next. Failure under 83.67 and loss of 82.84 would mark a near-term top and delay immediate bulls for stronger correction towards 82.62/30, 38.2% / 50% Fibonacci levels of 80.92/83.67 ascend.

Res: 83.25, 83.38, 83.67, 83.90
Sup: 82.82, 82.62, 82.30, 82.20






USD/CHF
Trades within narrow consolidative range after strong rally from 0.9301 historical low reached 0.9706 high. Immediate support lies at 0.9594, range low and holding above here keeps scope for fresh attempt through 0.9706 to extend correction towards 0.9720/30 and 0.9770 on a break. Loss of 0.9594, however, risks deeper reversal towards 0.9552, 38.2% of 0.9306/0.9706 upleg and 0.9531, 29 Dec 10 high.


Res: 0.9696, 0.9706, 0.9720, 0.9730
Sup: 0.9608, 0.9594, 0.9552, 0.9531