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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 16, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Near-term bulls remain capped by 1.3570/76 zone for now, as renewed attempt higher stalls at 1.3569 today. Subsequent reversal has so far seen brief dip below 1.35, with sustained break lower to turn immediate tone negative and focus 1.3475/50, ahead of possible return to 1.3427, loss of which will resume the broader downtrend from 1.3860 and open 1.3395 next. Early downside rejection above 1.3475, however, would signal fresh strength, with clearance of 1.3576 needed to confirm.

    Res: 1.3550, 1.3569, 1.3576, 1.3620
    Sup: 1.3475, 1.3460, 1.3427, 1.3395

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    GBP/USD

    Has extended recovery from 1.5957, 14 Feb low, to test 1.6184, 07 Feb previous high, ahead of sharp reversal. Near-term tone is now negative, looking for break below 1.6005, to focus 1.5957, break of which would confirm lower high at 1.6184 and open way towards 1.5821 and 1.5750, 31/25 Jan higher lows. At the upside, 1.6080/1.6118 cap for now.

    Res: 1.6080, 1.6118, 1.6169, 1.6184
    Sup: 1.5980, 1.5957, 1.5911, 1.5862

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    USD/JPY

    Extends recovery from 81.10 low to break above 83.67, previous high of 07 Feb and test 83.90, 21 Dec 2010 high, ahead of possible extension to 84.19 and final attempt at 84.49, 15 Dec 2010 high and key short-term resistance. Break here is needed to trigger fresh leg higher on recovery attempt from 80.24, 01 Nov 2010 low. Higher platform at 83.18/07 underpins the advance.

    Res: 83.90, 84.19, 84.49, 85.00
    Sup: 83.60, 83.18, 83.05, 82.80

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    USD/CHF

    Reversal off 0.9773, 11 Feb high, found support at 0.9615, just above 38.2% retracement of 0.9327/0.9773 ascend, ahead of strong rally. Market has so far regained 0.9337, en-route to 0.9773/84 resistance zone, break of which will trigger fresh recovery and focus 0.9850/0.9925 next. Downside, 0.9662 offers immediate support.

    Res: 0.9737, 0.9743, 0.9773, 0.9784
    Sup: 0.9714, 0.9684, 0.9660, 0.9642

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