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

[WindsorBrokers]

EUR/USD

Near-term recovery from 1.3427, 14 Feb low, has so far tested 1.3608, after several unsuccessful attempts at 1.3570/76 resistance zone, with subsequent pullback finding support at 1.3461. Immediate target lies at 1.3620, 11 Feb low / 61.8% of 1.3743/1.3427 downleg and 1.3637, 10 Feb intraday high, break of which would open way for retest of 1.3743, key near-term lower top. Clearance of the latter will signal an end of correction from 1.3860, 02 Feb top. At the downside, strong support lies at 1.3461, ahead of key 1.3427, loss of which will resume correction of 1.2872/1.3860 ascend and expose 1.3395/61, 20 Jan low / 61.8% retracement .

Res: 1.3608, 1.3620, 1.3637, 1.3652
Sup: 1.3550, 1.3475, 1.3460, 1.3427




GBP/USD

Trades in a corrective / consolidative mode after pullback from 1.6277, 03 Feb fresh high, found support at 1.5957. However, upside remains capped at 1.6184, with break here required to open 1.6277/97, key resistance zone, and clearance here to resume broader recovery from 1.4230, May 2010 yearly low. 1.5985/57, recent range bottom, offers initial support and while trading above here, near-term focus remains at the upside. Break below 1.5957 would weaken the structure and expose 1.5821/1.5750 lows, near-term.

Res: 1.6118, 1.6169, 1.6184, 1.6228
Sup: 1.6083, 1.6057, 1.5985, 1.5957





USD/JPY

Break above 83.67 resistance has extended recovery from 81.10, 04 Feb yearly low, to test 84.00 zone so far, ahead of key short-term resistance area at 84.39/49, break of which is needed to trigger fresh recovery phase from 80.24, Nov 2011 15-year low and expose 85.40/90 next. At the downside, 83.20/00 zone is expected to contain corrective pullbacks, to maintain immediate bulls, otherwise, loss of the latter to signal stronger correction into 82.87/50, Fibonacci retracement 38.2% and 50% zone.

Res: 83.99, 84.19, 84.49, 85.00
Sup: 83.18, 83.05, 82.87, 82.54






USD/CHF

Has retraced 50% of 0.9327/0.9773 upleg after recovery attempt from 0.9327, 02 Feb higher low failed at 0.9773, just under key near-term barrier at 0.9782, with subsequent reversal dipping to 0.9552 so far. Near-term tone has turned negative and favors further weakness towards 0.9520/00 zone, while 0.9737, yesterday’s lower top caps, with break here needed to expose 0.9773/82, above which will signal an extension of correction from 0.9301/27, 31 Dec 2010 historical low / 02 Feb 2011 low, and open 0.9850/0.99 zone next.

Res: 0.9737, 0.9743, 0.9773, 0.9784
Sup : 0.9552, 0.9522, 0.9500, 0.9462