Short Term Technical Analysis for Majors (08:15 GMT)

[WindsorBrokers]

EUR/USD

Clearance of 1.3743, previous high, has seen an upside extension to test 1.3785, just below 1.38 barrier, ahead of pullback. Initial support at 1.3723, 23.6% retracement of 1.3525/1.3785 upleg tested so far, with extension to 1.3690, 55 day MA and 38.2% seen, before bulls re-assert for fresh push higher. Through 1.3785/1.3800 to focus 1.3824, 03 Feb high and then key near-term resistance at 1.3860, break of which is expected to open fresh extension higher of recovery from 1.2872, 10 Jan low. Loss of 1.3690, however, would allow for stronger correction towards 1.3650 zone.

Res: 1.3743, 1.3785, 1.3800, 1.3824
Sup: 1.3703, 1.3692, 1.3680, 1.3647




GBP/USD

Remains capped at 1.6262 after renewed attempt higher stalled at 1.6253 overnight. However, near-term bulls are still in play, with latest reversal from 1.6253 losing the 1.6180 handle, and dipping to 1.6142. This sidelines scope for fresh push higher and opens 1.6100 support for retest. Break below here will signal near-term top, ahead of stronger reversal. 1.5985/57 remains key near-term support.

Res: 1.6180, 1.6214, 1.6253, 1.6272
Sup: 1.6142, 1.6124, 1.6100, 1.6075





USD/JPY
Continues to trend lower from 16 Feb high at 83.96, approaching 81.75, 08 Feb higher low and 76.4% of 81.10/83.96 ascend. Negative near-term tone looks for downside retest of key higher lows at 81.10/80.92, loss of which will signal an end of recovery phase and expose 80.24, 01 Nov 2010 15-year low. At the upside, only regain of 83.00 zone would revive hopes for fresh recovery.

Res: 82.14, 82.31, 82.63, 82.85
Sup: 81.82, 81.75, 81.10, 80.92






USD/CHF

Yesterday’s break below 0.9301 has triggered fresh weakness to post a series of record lows. Temporary support was found at 0.9272, with correction to 0.93 zone preceding fresh decline. Near-term studies remain supportive for downside extension into 0.92 initially. However, oversold hourly/daily conditions see scope for stronger correction.

Res: 0.9301, 0.9327, 0.9345, 0.9390
Sup: 0.9265, 0.9250, 0.9200, 0.9100