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

[WindsorBrokers]

EUR/USD

Has slightly extended gains above yesterday’s 1.3608, to test 1.3626, 61.8% retracement of 1.3743/1.3427 decline, but failed to sustain gains and reversed below 1.36. 55-day MA, currently at 1.3565 and yesterday’s higher platform at 1.3540, underpin the latest advance for fresh attempt through 1.3626, to target 1.3642/94, 50% / 61.8% of 1.3860/1.3427, ahead of possible attack at 1.3743, 09 Feb lower high. At the downside, loss of 1.3640 will allow for stronger reversal, while break below 1.35 to signal lower top.

Res: 1.3615, 1.3626, 1.3642, 1.3694
Sup: 1.3565, 1.3550, 1.3540, 1.3475




GBP/USD

Consolidated in a narrow range after break above 1.6169, descending trendline off 1.6277 high and test of resistance at 1.6184, 07/16 Feb highs. Fresh strength from 1.6150, range floor, broke above 1.6184, turning focus to key short-term barriers at 1.6277/97. At the downside, 1.6110 offers strong support and expected to contain corrective dips.

Res: 1.6228, 1.6277, 1.6297, 1.6350
Sup: 1.6149, 1.6110, 1.6075, 1.6057





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: 83.40, 83.73, 83.96, 84.19
Sup: 83.15, 83.05, 82.87, 82.54





USD/CHF

Extends reversal from 0.9773, 11 Feb peak, breaking through 0.9500, 61.8% retracement of 0.9327, 02 Feb low, to post fresh low at 0.9476. This may signal an end of recovery attempt from 0.9327, 02 Feb low, as negative near-term studies look for further downside extension and test of 0.9420/0.9394, ahead of possible full retracement of the recent upleg. Oversold hourly conditions, however, warn of correction, with 0.9600 limiting the upside for now.

Res: 0.9551, 0.9581, 0.9600, 0.9638
Sup : 0.9476, 0.9462, 0.9420, 0.9394