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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 14, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Today’s recovery attempt off 1.3496 was capped by 1.3555, with subsequent reversal breaking through 1.3496/83 supports, to extend losses to 1.3427 and test previous 31 Dec 10 / 04 Jan 11 highs, so far. Near-term outlook favors further weakness and brings 1.3395/66, 20 Jan low / 50% of 1.2872/1.3860, in focus next. Oversold hourly conditions, however, see scope for correction, with immediate resistance at 1.3500/10, and 1.3555/70 expected to cap.

    Res: 1.3496, 1.3507, 1.3557, 1.3570
    Sup: 1.3427, 1.3395, 1.3366, 1.3350

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    GBP/USD

    Upside failure at 1.6076, just under trendline resistance at 1.6085 keeps near-term focus at the downside, with break under 1.60, exposing key levels at 1.5965, triangle support and 1.5957/50, previous low / 61.8% of 1.5750/1.6277, break of which to expose key higher lows at 1.5821 and 1.5750. Upside remains limited by 1.6076/85 for now.

    Res: 1.6034, 1.6076, 1.6085, 1.6112
    Sup: 1.5964, 1.5957, 1.5950, 1.5920

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    USD/JPY
    Resumes near-term uptrend from 81.10, 04 Feb low, after pullback from 83.66 fresh high, found support, just above 83, ahead of fresh strength. Clearance of 83.66/67 to expose key near-term resistance at 84.49, break of which will signal an extension of recovery from 80.24, 01 Nov 2010 low. Immediate support lies at 83 zone, while loss of 82.19/07 will end hopes of recovery and re-focus 81.10/80.92.

    Res: 83.67, 83.88, 84.49, 85.00
    Sup: 83.05, 82.80, 82.60, 82.19

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    USD/CHF

    Extends near-term recovery from 0.9327, to break above 0.9685/0.97 resistance zone, and 0.9762, extending gains to 0.9773, just under key short-term resistance at 0.9784. Clearance of the latter will confirm double bottom and open way for fresh leg higher, exposing 0.9850 initially. Downside, 0.9680/60 zone offers immediate support, while only loss of 0.9520/00 will turn focus lower.


    Res: 0.9773, 0.9784, 0.9800, 0.9850
    Sup: 0.9700, 0.9680, 0.9660, 0.9603

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