Short Term Technical Analysis for Majors (14:00 GMT)

[WindsorBrokers]

EUR/USD
Break key short-term support at 1.2968 has so far seen 1.2872 and this contains weakness for now, with market trading in a narrow range at 1.29 level. Sustained break lower would target 1.2828, 14 Sep10 low, ahead of 1.2702/1.2643 lows, where the latest upleg started. Upside, 1.2968 offers initial resistance, ahead of 1.3020/54 zone, break of which would signal fresh recovery.

Res: 1.2938, 1.2968, 1.3020, 1.3054
Sup: 1.2872, 1.2828, 1.2795, 1.2702






GBP/USD
Bounce off 1.5404 higher low reached 1.5578, ahead of sharp pullback. Fresh support was found at 1.5474, with renewed strength underway. Narrowing range is forming a triangle, with break through 1.5558/78 to signal possible attempt at 1.5644/59 peaks, while loss of 1.5415/04 opens 1.5366/43 instead.

Res: 1.5558, 1.5568, 1.5578, 1.5626
Sup: 1.5474, 1.5424, 1.5404, 1.5366






USD/JPY
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 to clear 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