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

[WindsorBrokers]

EUR/USD
Remains entrenched within 1.3611/87 range after recovery from 1.3507 stalled at 1.3687 yesterday. However, positive near-term tone favors break through 1.3687 to extend gains towards 1.3724, 61.8% retracement of 1.3860/1.3507 downleg and 1.3766. Initial support at 1.3611/00 underpins for now, while loss of 1.3570 will return focus to 1.3507.

Res: 1.3687, 1.3724, 1.3766, 1.3824
Sup: 1.3611, 1.3591, 1.3570, 1.3542





GBP/USD
Trades in a near-term corrective mode after an upside failure at 1.6277, just below key 1.6297 resistance, triggered reversal to 1.6027. This marks over 23.6% retracement of 1.5350/1.6277 ascend, also trendline support, drawn off 1.5404. While the latter holds, scope exists for renewed attempt higher, with clearance of 1.6184 to focus 1.6277/97, key resistance zone. Loss of 1.6027, however, would risk deeper reversal towards 1.6015/1.5950, 50% / 61.8% retracement.

Res: 1.6103, 1.6160, 1.6184, 1.6228
Sup: 1.6035, 1.6027, 1.6015, 1.6002





USD/JPY
Maintains near-term positive tone from 81.10/30 lows, after reversal from 82.46 high found support at 81.76. Subsequent bounce has cleared 82.46 barrier to reach 82.66 so far, en-route to 83.20/67 resistance zone, break of which is required to open key short-term resistance at 84.49, 15 Dec 2010 high. Rejection under 83.20, however, would risk lower top, with loss of 81.76 to re-focus 80.92, key short-term support.

Res: 82.66, 83.08, 83.20, 83.67
Sup: 82.33, 82.24, 81.99, 81.76





USD/CHF
Extends near-term recovery from 0.9327, to extend above 61.8% of 0.9782/0.9327 decline, reaching 0.9659 so far, just ahead of 0.9672/85, 76.4% / 21 Jan previous high. Near-term outlook keeps fresh extension higher favored, with 0.96 zone expected to contain corrective dips. Clearance of 0.9685 to open way for retest of key short-term resistance at 0.9782. Only loss of 0.9522 higher platform, would weaken the structure.

Res: 0.9659, 0.9672, 0.9685, 0.9739
Sup: 0.9618, 0.9600, 0.9561, 0.9522