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

[WindsorBrokers]

EUR/USD

Yesterday’s recovery attempt from 1.35 zone was capped by 1.3555 and followed by sharp fall to post fresh low at 1.3427, retracing between 38.2% and 50% of 1.2872/1.3860 ascend. Correction off 1.3427 is seen limited by 1.3555/70, with break of the latter to signal recovery towards 1.3625/35 and possible attempt at 1.3670, descending trendline, connecting 1.3860 and 1.3743. Holding below 1.3570, however, suggest a resumption of near-term bears and loss of 1.3427 to turn focus to 1.3395, 20 Jan low / channel support and 1.3366, 50% retracement, break of which would accelerate losses and expose 1.3252/43, 61.8% / 17 Jan higher low.

Res: 1.3526, 1.3557, 1.3570, 1.3618
Sup: 1.3427, 1.3395, 1.3366, 1.3350




GBP/USD

Remains in near-term downtrend off 1.6277, 03 Feb low, narrowing the range after recovery attempt from fresh low at 1.5960, 61.8% of 1.5750/1.6277 upleg stays capped by 1.6076/61. Break below 1.6000/1.5960 is required to signal fresh weakness and look for attack at key near-term supports at 1.5821/1.5750, loss of which would confirm lower top at 1.6277 and open way for possible test of 1.5404/1.5343, short-term.

Res: 1.6060, 1.6076, 1.6085, 1.6112
Sup: 1.5980, 1.5964, 1.5957, 1.5950





USD/JPY

Near-term uptrend off 81.10, 04 Feb low, has fully retraced the recent 83.67/81.10 decline, with correction to 83.08 followed. Fresh strength looks to break through 83.67 to expose key near-term resistance at 84.49, clearance of which will confirm higher lows at 80.92/81.10 and extension of broader recovery attempt from 80.24, 2010 low.

Res: 83.67, 83.88, 84.49, 85.00
Sup:83.18, 83.05, 82.80, 82.60






USD/CHF

Extends near-term recovery from 0.9327, to clear 0.9685/0.97 and 0.9762 resistances, extending gains to 0.9773, just under key short-term resistance at 0.9784. Correction lower has so far found foothold at 0.9680, with fresh strength looking for retest of 0.9773/84, break of which is needed to confirm higher low at 0.9327 and open way for stronger recovery towards 0.9850/0.9910. At the downside, immediate support lies at 0.9680, ahead of 0.9603/0.9550, 38.2% / 50% retracement of 0.9327/0.9773 ascend.

Res: 0.9741, 0.9773, 0.9784, 0.9800
Sup: 0.9680, 0.9660, 0.9603, 0.9550