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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 17, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Trades within 1.3854/1.4000 range following repeated upside rejection at 1.40. Near-term outlook remains supportive, with renewed strength through 1.39 and 1.3946, 20 day MA, setting scope for fresh attack at key resistances at 1.4000/35, break of which will signal resumption of the broader uptrend and open 1.4080/1.4156 next. Failure to clear 1.40 barrier, however, risks fresh reversal, though, immediate bulls remain in play while 1.3865/54 support zone holds. 1.3751 remains key near-term support.

    Res: 1.4000, 1.4011, 1.4035, 1.4050
    Sup: 1.3915, 1.3865, 1.3854, 1.3839

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    GBP/USD

    Bounces higher after yesterday’s weakness through 1.5976 double bottom extended to test key short-term support and range floor at 1.5957, also 38.2% retracement of 1.5343/1.6342 upleg. Current strength needs to clear 1.61/1.6137 barriers to signal recovery under way and expose 1.6200, 61.8% retracement of 1.6342/1.5959 decline. Early rejection under 1.6137 will suggest a continuation of downtrend from 1.6342, with loss of 1.5957 to signal short-term top, and open fresh phase lower.

    Res: 1.6100, 1.6116, 1.6130, 1.6137
    Sup: 1.6018, 1.6000, 1.5976, 1.5957

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    USD/JPY

    Has ended recovery attempt from 80.24, Nov 2010 low, after losing key supports and break below 80.24 and 79.75, 1995 all-time low, has triggered sharp decline to post fresh record low at 76.25. Subsequent strong bounce reached 79.75 so far, though break above 80.65/81.00 is required to ease bear pressure, as near-term studies remain negative

    Res: 79.43, 79.75, 80.00, 80.24
    Sup: 79.15, 78.59, 78.00, 76.94

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    USD/CHF

    Has dipped to fresh record low at 0.8900 after losing the previous 0.9139 handle. Correction is under way, with 0.9057 seen so far and regain of 0.9139/96 is needed to signal further recovery, otherwise, lower top will precede fresh leg lower.

    Res: 0.9046, 0.9057, 0.9070, 0.9100
    Sup: 0.9010, 0.8977, 0.8958, 0.8900

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