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

[WindsorBrokers]

EUR/USD
Reversal from 1.3860, 02 Feb 3-month high, has fully retraced the latest 1.3570/1.3860 upleg, to extend losses through key short-term support at 1.3570 to 1.3542, just above 1.3539, 24 Jan low / 19 Jan high and 90 day MA, currently at 1.3533, that holds the downside for now. Subsequent bounce has so far regained 1.36 level, but seen corrective while 1.3676, last Friday’s high and 120 day MA, currently at 1.3713, hold, with lower top under here expected ahead of fresh leg lower. Below 1.3542 to target 1.35/1.3450 zone next. Only break above 1.3740 improves the near-term outlook.

Res: 1.3625, 1.3676, 1.3700, 1.3713
Sup: 1.3561, 1.3542, 1.3500, 1.3480





GBP/USD
Has corrected nearly 50% of 1.5750/1.6277 ascend after an upside rejection just below key 1.6297 barrier triggered two-legged reversal to 1.6035. Recovery attempt under way needs to clear 1.6170/82, last Friday’s high / 61.8% of 1.6277/1.6035 decline to return near-term focus back to 1.6277/97, break of which will open fresh phase higher of a broader recovery from 1.5343. Failure under 1.6170, however, will keep near-term focus lower and break below 1.6035 to look for test of series of supports at 1.6015/1.5960 zone.

Res: 1.6170, 1.6216, 1.6228, 1.6277
Sup: 1.6091, 1.6035, 1.6015, 1.6002





USD/JPY
Extends near-term recovery above 82 level, following last Friday’s break below the previous low at 81.30 and spike low at 81.10, just ahead of key short-term support at 80.92. Over 50% of recent 83.67/81.10 downleg has been retraced at 82.46 so far, with near-term studies supportive for fresh push higher. Clearance of 83.70, 61.8% retracement will open 83.20/45, ahead of possible retest 83.67, key short-term barrier, break of which is needed to ease current bear pressure. Downside loss of 81.10/80.92, however, resumes the downtrend towards key 15-year low at 80.24, posted on 01 Nov 2010.

Res: 82.50, 82.70, 83.08, 83.20
Sup: 82.15, 82.05, 81.85, 81.75





USD/CHF
Extends correction after reversal from 0.9782 that found support at 0.9327, just above key historical low at 0.9301. Fresh gains over 0.9523, previous high extended to 0.9592 so far, just under 0.9607/21, 61.8% / 24 Jan high, break of which is needed to re-focus 0.9782 short-term. Near-term studies remain supportive, with 0.9523 offering initial support. Only loss of 0.9450 would weaken the near-term structure.


Res: 0.9592, 0.9607, 0.9621, 0.9685
Sup: 0.9523, 0.9513, 0.9460, 0.9420