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

[WindsorBrokers]

EUR/USD
Extends reversal from yesterday’s fresh high at 1.3743, losing supports at 1.3610/1.3590, to turn near-term tone bearish and expose 1.3507, key near-term support, for retest. Loss of the latter will confirm lower top at 1.3743 and signal further retracement of 1.2872/1.3860 upleg, with immediate focus on 1.3483, 38.2% and 1.3395 on a break. However, holding above 1.3507 keeps hopes of fresh recovery alive, with regain of 1.3743 needed to reopen 1.3766 and 1.3824.

Res: 1.3652, 1.3687, 1.3743, 1.3766
Sup: 1.3570, 1.3542, 1.3507, 1.3483





GBP/USD
Today’s fresh weakness briefly broke through 1.6035 support, with sustained break lower to weaken the near-term structure. Downside loss of 1.5990/53 to sideline near-term bulls and open key supports at 1.5821/1.5750 for retest. Upside, 1.6123 caps for now and only break here to improve tone, while clearance of 1.6161/84 needed to re-expose 1.6277//97.

Res: 1.6073, 1.6123, 1.6160, 1.6184
Sup: 1.6010, 1.6002, 1.5965, 1.5953





USD/JPY
Bounce off 81.10, 04 Feb fresh low, keeps near-term focus at the upside after temporary support was found at 82.19 yesterday, and clearance of previous high at 82.65 currently testing 83.00/20 zone. Break here is required to confirm higher low at 81.10 and look for test of 83.67, to open key short-term resistance at 84.49, break of which will signal an extension of recovery attempt from 80.24, 01 Nov 2010 low. Immediate supports lie at 82.50/20, ahead of 81.76, loss of which to re-expose 81.10/80.92, key near-term support zone.

Res: 83.20, 83.67, 83.88, 84.49
Sup: 82.60, 82.49, 82.19, 81.99






USD/CHF
Extends near-term recovery from 0.9327, to break above 0.9607, 61.8% of 0.9782/0.9327 decline, and reach 0.9676 so far, just under of 0.9685, 21 Jan previous high, after shallow correction from 0.9659 found footstep at 0.9550. Break above 0.9685 to focus key near-term resistance zone at 0.9762/84, clearance of which is required to resume recovery from 0.9301, 31 Dec 2010 historical low. At the downside, 0.9550/21 zone offers immediate support.

Res: 0.9685, 0.9739, 0.9762, 0.9784
Sup: 0.9610, 0.9550, 0.9522, 0.9490