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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 2, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Key resistance at 1.3860 remains intact for now, as yesterday’s repeated attempt to break higher failed at 1.3850. Subsequent reversal has so far find footstep at 1.3750 zone, with key near-term support at 1.37 required to hold dips to keep immediate bulls in play for fresh attack at 1.3860, break of which to open 1.40 are for test. Loss of 1.37 handle, however, will sideline bulls and allow for further correction towards 1.3690/50, 50% and 61.8% retracement of 1.3525/1.3854 upleg.

    Res: 1.3785, 1.3804, 1.3854, 1.3860
    Sup: 1.3742, 1.3710, 1.3700, 1.3690

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    GBP/USD

    Break above key 1.6297 résistance has seen upside extension to 1.6328, but failed to sustain gains, with subsequent pullback retracing 38.2% of 1.6030/1.1.6328 upleg at 1.6215. Near-term outlook has turned negative, looking for further reversal towards 1.6180/45, Fibonacci levels, while 1.6280, previous range ceiling holds. Only above here would attract fresh attempt above 1.63 .

    Res: 1.6246, 1.6280, 1.6298, 1.6328
    Sup: 1.6215, 1.6180, 1.6160, 1.6145

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    USD/JPY

    Attempts to build near-term base after finding support at 81.61 and bounce from here breaking above 82.00 initial resistance. Immediate targets lie at 82.50/85, while break above 83.00 to confirm recovery for attempt at 83.96/84.49 barriers. Upside rejection under 82.85 would risk lower top, ahead of fresh weakness, and below 81.61 to target 81.10/80.92 next.

    Res: 82.23, 82.31, 82.85, 83.00
    Sup: 81.78, 81.61, 81.55, 81.10

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    USD/CHF

    Continues to trade in a narrow corrective/consolidative range, after hitting fresh record low at 0.9221 on 25 Feb. Clearance of initial barrier at 0.9315 will focus 0.9390, ahead of 0.9430, 21 Feb former low / 38.2% Fibonacci retracement of 0.9773/0.9221 descend, and then 0.95 zone, near 50%, break of which is needed to confirm recovery, otherwise, lower top under 0.95 and fresh weakness towards 0.9221, would likely scenario.

    Res: 0.9320, 0.9390, 0.9430, 0.9504
    Sup: 0.9269, 0.9258, 0.9238, 0.9221

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