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

[WindsorBrokers]

EUR/USD
Decline from 1.3431 has so far found support at 1.2872, with correction under way. Clearance of 1.3018 brings in focus 1.3085, key near-term resistance, 38.2% of 1.3431/1.2872 downleg and 200 day moving average. While holding below the latter, immediate focus remains on retest of 1.2872, break of which opens way towards 1.2702, short-term. Above 1.3085, would allow for stronger correction and expose 1.3150/1.3215, 50% / 61.8% respectively.

Res: 1.3018, 1.3054, 1.3085, 1.3150
Sup: 1.2993, 1.2943, 1.2904, 1.2872





GBP/USD
Break above near-term triangle pattern and test of key near-term resistance at 1.5659, increases hopes of further recovery from 1.5343, with immediate focus on 1.5692, 61.8% retracement of 1.5910/1.5343 downleg. Upside, 1.5910 remains key, with break here to signal higher low at 1.5343 and opens way for further retracement of 1.6297/1.5343 decline. Failure to clearly break through 1.5659, however, sours the tone .

Res: 1.5659, 1.5692, 1.5714, 1.5770
Sup: 1.5614, 1.5544, 1.5511, 1.5474





USD/JPY
Continues to trade in a consolidative mode after the pullback from 83.67 high found support at 82.67. Yesterday’s rejection at 83.48, just under 83.67 peak, warns of fresh weakness, with break under 82.67/62, yesterday’s low / 38.2% retracement of 80.92/83.67 upleg, needed to confirm and open 82.30, 50% / 04 Jan high, possibly 81.97, 61.8%, loss of which would signal an end of corrective phase from 80.92. Upside break through 83.48/67, however, resumes recovery and opens 83.90/84.19.

Res: 83.40, 83.48, 83.67, 83.90
Sup: 82.89, 82.67, 82.62, 82.30





USD/CHF
Maintains uptrend from 93.01 after reversal from 0.9706 found support at 0.9594 and fresh strength extended through 0.9706 to 0.9782 so far. This marks over 61.8% of 1.0064/0.9301 downleg, with immediate focus on 0.9850, 13 Dec 10 high and 0.9882, 76.4% retracement, then 0.9913, 08 Dec 10 high. Corrective pullbacks should be contained by 0.97 zone to keep immediate bulls in play, while loss of 0.9592 delays.

Res: 0.9782, 0.9815, 0.9850, 0.9882
Sup: 0.9725, 0.9700, 0.9658, 0.9594