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Windsor Brokers - Short Term Technical Analysis for Majors (14:00 GMT)

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Extended recovery off 1.3507, yesterday’s low, through 1.3640/55 barriers, to retrace over 38.2% of 1.2860/1.3705 decline at 1.3865, just under Friday’s spike high at 1.3576 and 50% retracement at 1.3683. Minor correction is expected to reverse above 1.3570, to keep immediate bulls in play and through 1.3665/83 to focus 1.3683, 61.8% level. Downside loss of 1.3570 would signal near-term top and open way for test of 1.3507/1.3483.

    Res: 1.3665, 1.3675, 1.3683, 1.3724
    Sup: 1.3591, 1.3570, 1.3542, 1.3507

    [​IMG]



    GBP/USD
    Remains in a near-term corrective mode after an upside failure at 1.6277, just below key 1.6297 resistance, triggered reversal to 1.6035 so far. Near-term recovery from here was so far capped by 1.6160/84 zone, with renewed weakness breaking below 1.61 level and looking for retest of 1.6035, key near-term support. Holding above here keeps immediate bulls in play for fresh attempt through 1.6160/84, to challenge 1.6277/97, break of which would open fresh leg higher. Otherwise, loss of 1.6035 would risk deeper reversal towards 1.6015/1.5950, 50% / 61.8% retracement of 1.5750/1.6277 upleg.

    Res: 1.6160, 1.6184, 1.6228, 1.6277
    Sup: 1.6035, 1.6015, 1.6002, 1.5950

    [​IMG]



    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: 81.99, 81.85, 81.75, 81.30


    [​IMG]



    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: 0.9596, 0.9607, 0.9685, 0.9739
    Sup: 0.9520, 0.9493, 0.9460, 0.9430

    [​IMG]
     
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