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

[WindsorBrokers]

B]EUR/USD[/b]
Maintains short-term bulls from 1.2872 monthly low, continuing to post fresh two-month highs. Yesterday’s reversal from 1.3685 high has found support at 1.3573, ahead of regain of 1.37 level. Immediate upside target lies at 1.3738, 61.8% retracement of 1.4280/1.2873 decline, break of which would attract 1.3784, 22 Nov 2010 high and possibly to test 1.4050, longer-term trendline connecting 1.5140 and 1.1.4280, Nov 2009/Oct 2010 peaks. Downside, 1.3530/00 zone is expected to contain corrective pullbacks.

Res: 1.3738, 1.3784, 1.3824, 1.3886
Sup: 1.3656, 1.3605, 1.3573, 1.3539





GBP/USD
Double upside rejection at 1.6016 has triggered sharp reversal through key near-term supports at 1.5920 and 1.5837. Further decline lost 1.5800 level, extending down to 1.5750 so far and denting 1.5760, 60 day MA. Weakening near-term studies now see scope for lower high under 1.5920, ahead of fresh weakness towards 1.5700, 50% retracement of 1.5343/1.6058 upleg and 1.5650 zone further down. Potential break below 1.5617, 61.8% retracement would end the recovery attempt and expose 1.5404/1.5343 lows for retest. Upside, regain of 1.5920 to signal recovery and open 1.6016 next.

Res: 1.5837, 1.5865, 1.5920, 1.6016
Sup: 1.5750, 1.5716, 1.5700, 1.5660





USD/JPY
Remains in short-term downtrend from 83.67 after the recent recovery attempt from 81.84 higher low failed at 83.11, leaving a lower top, ahead of fresh weakness. Loss of 82.00 support now looks for retest of 81.84 and 80.92 higher low, break of which would signal an end of recovery attempt from 80.24, 2010 low. Upside, for now, remains capped by 82.65/90, though reclaim of 83.11 would signal fresh phase higher.

Res: 82.27, 82.65, 82.91, 83.11
Sup: 81.97, 81.84, 81.67, 81.51





USD/CHF
Extends the downtrend from 0.9685 lower high, with loss of 1.9500 support and yesterday’s recovery failure at 0.9521, accelerating losses to 0.9402 so far. Recovery attempts are seen capped by 0.9520 zone for now, with negative short-term outlook bringing retest of 0.9301, historical low in focus.

Res: 0.9470, 0.9493, 0.9520, 0.9550
Sup: 0.9402, 0.9365, 0.9336, 0.9301