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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 8, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Has so far found a footstep just above 1.35 level after reversal from 1.3860 high lost key near-term supports at 1.3570/39. Dips to 1.3516/07 were seen ahead of fresh recovery attempt higher, with supportive near-term studies looking for break above 1.3640/55, 38.2% of 1.3860/1.3507 / 03 Feb high; 1.3576/83, last Friday’s spike high / 50% retracement, with clearance of 1.3724, 61.8% retracement to confirm higher low at 1.3507 and resume bulls for retest of 1.3860. Failure to break higher, however, risks lower top and fresh weakness towards 1.35/1.3483 initially.

    Res: 1.3655, 1.3675, 1.3700, 1.3724
    Sup: 1.3570, 1.3542, 1.3507, 1.3483

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    GBP/USD
    Near-term price action sees trading in a narrow range after reversal from 1.6277, 03 Feb high, found temporary support at 1.6035. Initial clearance of 1.6150 barrier was short-lived, as an upside extension to 1.6184 was followed by reversal. However, the downside remains supported by 1.6085/35 for now, and while holding above here, near-term bulls will look for break above 1.6184, to target 1.6277/97, key resistance area, break of which will signal resumption of broader uptrend from 1.5343 and expose 1.6405, 38.2% retracement of long-term 2.1161/1.3501 decline. Failure to clear 1.6184 resistance would turn near-term risk lower and potential break below 1.6035 to signal further reversal towards 1.60/1.5950 zone.

    Res: 1.6184, 1.6228, 1.6277, 1.6297
    Sup: 1.6085, 1.6035, 1.6015, 1.6002

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    USD/JPY

    Extends near-term recovery above 82 level, following last Friday’s break below the previous low at 81.30 and spike low at 81.10, just ahead of key short-term support at 80.92. Over 50% of recent 83.67/81.10 downleg has been retraced at 82.46 so far, with clearance of 83.70, 61.8% retracement, needed to open 83.20/45, ahead of possible retest 83.67, key short-term barrier, break of which would signal fresh near-term strength. Downside loss of 81.10/80.92, however, resumes the downtrend towards key 15-year low at 80.24, posted on 01 Nov 2010.

    Res: 82.50, 82.70, 83.08, 83.20
    Sup: 82.05, 81.85, 81.75, 81.30


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    USD/CHF
    Extends near-term recovery from 0.9327, but gains stall on approach to 0.9607, 61.8% of 0.9782/0.9327 decline. Current corrective/consolidative mode is so far supported by 0.9530/20, and holding above here keeps immediate focus at 0.9607, break of which is needed to resume recovery and expose 0.9685, 21 Jan lower high, with possible retest of 0.9782 seen on a break. Downside, loss of 0.9520 would signal near-term top at 0.9596 and look for fresh weakness towards 0.9500/0.9460, while loss of 0.9430 will signal an end of recovery phase and re-expose 0.9327/01 supports.

    Res: 0.9564, 0.9596, 0.9607, 0.9685
    Sup: 0.9520, 0.9493, 0.9460, 0.9430

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