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

[WindsorBrokers]

EUR/USD
Continues to trend lower after reversal from 1.3860 high broke below 1.3570 support. Recovery attempt from 1.3542 was short-lived, as bulls failed to hold above 1.36 level, reversing lower to test 1.3539 support. Break here and 1.3533, 90 day MA, with weak near-term studies favoring further extension towards 1.3483, 38.2% retracement of 1.2872/1.3860 upleg, then 1.3450/30, and possible test of 1.3367, 50% retracement. Upside is seen capped by 1.3625/75 zone for now.

Res: 1.3566, 1.3625, 1.3675, 1.3700
Sup: 1.3500, 1.3483, 1.3450, 1.3430





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 briefly broke above1.6170/82, last Friday’s high / 61.8% of 1.6277/1.6035 decline, but failed to sustain gains, reversing below 1.61 level. Key near-term support lies at 1.6035 and potential break here to confirm lower high at 1.6184 and allow for stronger correction to open 1.6013/00 zone next. Only regain of 1.6184 will improve near-term structure and keep 1.6277/97 retest in focus.


Res: 1.6145, 1.6184, 1.6216, 1.6228
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 found support at 0.9327, just above key historical low at 0.9301. Fresh gains over 0.9523, previous high extended to 0.9596 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: 0.9596, 0.9607, 0.9621, 0.9685
Sup: 0.9542, 0.9523, 0.9513, 0.9460