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

[WindsorBrokers]

EUR/USD

Underwent strong correction after rally from 1.3427, 14 Feb low stalled at 1.3714 yesterday, just ahead of 1.3743, 09 Feb lower top. The pair retraced over 61.8% of the latest 1.3427/1.3714 upleg at 1.3525, thus far, after losing supports at 1.3544/34. Fresh weakness towards 1.3461/27 and possible break lower to resume broader correction off 1.3860, would be likely scenario. At the upside, 1.3600 zone caps for now.

Res: 1.3595, 1.3624, 1.3646, 1.3685
Sup: 1.3525, 1.3506, 1.3475, 1.3461





GBP/USD

Reversal from 1.6262, 18 Feb high, just below key short-term resistance zone at 1.6277/97, accelerated losses after breaking below 1.6203/1.6185 supports, to break below 1.6149, 18 Feb higher low and retrace over 38.2% of 1.5985/1.6262 ascend. Near-term tone has turned bearish, with 1.6124/1.6090 seen next. Downside rejection above the latter, however, is expected to resume rally from 1.5985 and re-focus 1.6262/77 and 1.6297 on a break. Loss of 1.6090, however, would signal return to 1.5985/57 lows and confirm near-term lower hi9gh at 1.6262.

Res: 1.6177, 1.6192, 1.6227, 1.6248
Sup: 1.6133, 1.6124, 1.6110, 1.6090





USD/JPY

Bounced higher after corrective pullback from 83.96, 16 Feb high found temporary footstep at 82.83, near 38.2% retracement of 81.10/83.96 upleg. Recovery for now remains capped by 83.52, 18 Feb lower high / today’s spike high, with break here required to signal and end of correction from 83.96 and focus 83.74/96, above which will target key short-term resistance at 84.49. Failure to clear 83.52 and break below 82.83, however, will suggest stronger correction, and expose 82.52/20 zone next.

Res: 83.52, 83.73, 83.96, 84.19
Sup: 82.83, 82.52, 82.20, 81.76




USD/CHF

Trades in near-term consolidative mode, after an upside rejection at 0.9773, just under 0.9784, key short-term resistance, posted fresh low at 0.9432, 76.4% retracement of 0.9327/0.9784 ascend. This would 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 at 0.9327. Upside remains capped by 0.9536 for now.

Res: 0.9504, 0.9536, 0.9551, 0.9581
Sup: 0.9453, 0.9432, 0.9420, 0.9365