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Windsor Brokers - Short Term Technical Analysis for Majors (14:30 GMT)

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Upside rejection at 1.4035 has triggered fresh weakness under 1.40 zone. After finding initial support at 1.3950, losses accelerated after break here, to probe under 1.39 level. Previous high at 1.3860 is in focus, ahead of 1.3830 and 1.3800, 38.2% retracement of 1.3427/1.4035 ascend, above which higher low is expected, to keep near-term bulls in play for renewed attempt through 1.40 barrier. Otherwise, fresh weakness below 1.38, towards 1.3725/00, would be the next step.

    Res: 1.3910, 1.3942, 1.3955, 1.3987
    Sup: 1.3860, 1.3845, 1.3803, 1.3725

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    GBP/USD

    Extends reversal from 1.6342 after short consolidation above 1.6180 today. Break below 1.6145, 61.8% retracement of 1.6030/1.6342 ascend, now brings 1.6089/71 in focus, ahead of possible full retracement at 1.6030. Oversold conditions, however, see scope for corrective bounce, with 1.6205 expected to cap, to maintain immediate bears.


    Res: 1.6165, 1.6181, 1.6205, 1.6214
    Sup: 1.6118, 1.6089, 1.6071, 1.6030

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    USD/JPY

    Returns to strength after sharp reversal from 83.05 spike high dipped to 81.94, where a footstep was found. Clearance of 82.40 now attempt at 83.00 zone, also 61.8% retracement of 83.96/81.57 decline, break of which is needed to confirm recovery mode from 81.57 and re-expose 84.00/84.49 key short-term resistance zone. Failure under 83.05, however, would suggest an end of recovery phase, with loss of 82.20/05, 20 day MA / trendline support, needed to confirm.

    Res: 82.85, 83.05, 83.23, 83.52
    Sup: 82.45, 82.20, 81.94, 81.76

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    USD/CHF

    Fresh strength from 0.9234 higher low broke above 0.9327 resistance, to confirm near-term floor at 0.9221/00. Focus is now at 0.9415/32, 38.2% retracement / 21Feb former low, break of which is required to confirm recovery and open way towards 0.9504/37 next. Overbought hourly conditions, however, warn of correction, with immediate support at 0.9300/0.9275.

    Res: 0.9390, 0.9415, 0.9432, 0.9504
    Sup: 0.9333, 0.9320, 0.9302, 0.9275

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