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

[WindsorBrokers]

EUR/USD

Near-term price action has found temporary support at 1.3427, with fresh strength attempting through 1.3555/76 resistance zone. Break here is needed to confirm immediate recovery mode and look for upside extension towards 1.3625/35, then trendline resistance, currently at 1.37. Failure to clearly break above 1.3576 will signal a resumption of near-term downtrend from 1.3860 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: 1.3569, 1.3576, 1.3620, 1.3635
Sup: 1.3519, 1.3475, 1.3460, 1.3427




GBP/USD

Maintains near-term positive tone after reversal from 1.6277 high left a higher low at 1.5957 on 14 Feb. Fresh bulls emerging from the latter have so far retraced over 61.8% of 1.6277/1.5957 downleg, to attempt at 1.6184, en-route to key resistances at 1.6277/97. Break above here will signal fresh phase higher and extension of broader recovery from 1.4230, 16 May 2010 higher low. Higher platform at 1.6118 offers immediate support, while loss of 1.6070 would question near-term bulls.

Res: 1.6184, 1.6228, 1.6277, 1.6297
Sup: 1.6140, 1.6118, 1.6105, 1.6095





USD/JPY

Extends recovery from 81.10 low to break above 83.67, previous high of 07 Feb and test 83.90, 21 Dec 2010 high, ahead of possible extension to 84.19 and final attempt at 84.49, 15 Dec 2010 high and key short-term resistance. Break here is needed to trigger fresh leg higher on recovery attempt from 80.24, 01 Nov 2010 low. Higher platform at 83.18/07 underpins the advance.

Res: 83.90, 84.19, 84.49, 85.00
Sup: 83.60, 83.18, 83.05, 82.80





USD/CHF

Extended near-term recovery from 0.9327, 02 Feb low, to nearly fully retrace 0.9782/0.9327 decline, reaching 0.9773, ahead of pullback on overbought hourly conditions. This is seen corrective while 0.9600/0.9550 zone holds, with scope for retest of 0.9784. Break here is needed to signal fresh recovery and focus 0.9850/0.9925 next. Only loss of 0.9520/00 zone would sideline near-term bulls.

Res: 0.9673, 0.9727, 0.9741, 0.9773
Sup: 0.9603, 0.9550, 0.9520, 0.9500