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

[WindsorBrokers]

EUR/USD

Has extended reversal from 1.3743, yesterday’s high, breaking through 1.3610/1.3590 support zone to post series of fresh lows, with 1.3551 seen latest. Near term studies remain weak and looking for retest of 1.3507, week’s low and key near-term suport. Break here to signal an extension of corrective phase from 1.3860 and turn immediate focus at 1.3483/1.3395, 38.2% of 1.2872/1.3860 / 20 Jan low. Upside remains capped by 1.3620/45, today’s high / 55 day MA.

Res: 1.3620, 1.3645, 1.3652, 1.3687
Sup: 1.3542, 1.3507, 1.3483, 1.3417





GBP/USD

Break through 1.6035 support has senn extension to 1.6010, 50% of 1.5750/1.6277 ascend, followed by bounce that stalled at 1.6136, confirming stong resistance zone at 1.6120/60. Near-term tone favors fresh attempt through 1.60 support area to target 1.5950, 61.8%, loss of which would signal return to 1.5821 and 1.5750, key higher lows. Only break above 1.6160/84 brings bulls back in play.

Res: 1.6112, 1.6136, 1.6160, 1.6184
Sup: 1.6010, 1.6002, 1.5965, 1.5950





USD/JPY

Bounce off 81.10, 04 Feb fresh low, keeps near-term focus at the upside after support was found at 82.19, and clearance of 83.00/20 resistance zone, now approaching 83.67, 07 Jan high. Break here is required to confirm higher low at 81.10 and 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. Overbough hourly studies warn of correctio, with 82.60/50 expected to contain dips.

Res: 83.67, 83.88, 84.49, 85.00
Sup: 83.05, 82.60, 82.50, 82.19






USD/CHF

Extends near-term recovery from 0.9327, to break above 0.9685, 21 Jan previous high and 0.97 barrier. This brings in 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, 0.9565/50 should hold to keep immediate bulls in play.

Res: 0.9739, 0.9762, 0.9784, 0.9800
Sup: 0.9660, 0.9625, 0.9590, 0.9565