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

[WindsorBrokers]

EUR/USD
Reversal off 1.3714, yesterday’s high, found support at 1.3525. Bounce accelerated gains after clearing 1.36 barrier, through 1.3646, to test 1.3685, yesterday’s intraday high. Immediate focus is at 1.3714, then 1.3743, 09 Feb lower high, clearance of which would open 1.3860, key near-term resistance. At the downside, immediate support lies at 1.3630, ahead of 1.3600 zone.

Res: 1.3708, 1.3714, 1.3743, 1.3788
Sup: 1.3660, 1.3630, 1.3608, 1.3595





GBP/USD

Recovery attempt from 1.6131, today’s low and temporary support for the latest reversal from 1.6262, underwent congestive trading capped by 1.6180 for now. Break here is needed to resume recovery and eye 1.62/1.6230 zone, ahead of possible retest of 1.6262. Failure under 1.6180, however, would signal a resumption the near-term downtrend and open 1.6124/1.6093 next.

Res: 1.6180, 1.6192, 1.6227, 1.6248
Sup: 1.6131, 1.6124, 1.6110, 1.6093





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: 83.41, 83.52, 83.73, 83.96
Sup: 82.83, 82.52, 82.20, 81.76






USD/CHF

Recovery attempt off 0.9432, yesterday’s low, failed at 0.9504, with fresh weakness extending through 0.9432 and breaking below 0.94 level. Market now eyes 0.9342/27, trendline support / 02 Feb higher low, break of which will re-focus historical high at 0.9301, posted on 31 Dec 2010. 0.95 zone is expected to cap the upside.

Res: 0.9432, 0.9450, 0.9504, 0.9536
Sup: 0.9378, 0.9342, 0.9327, 0.9301