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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 24, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Reversal off 1.4247 peak has found a temporary support at 1.4052, near 50% retracement of 1.3867/1.4247 upleg, ahead of recovery attempt. This was so far capped by 1.4150, with upside break above 1.4213 required to confirm higher low at 1.4052 and open way for fresh attempt through 1.4247, towards 1.4280/1.4300 zone. Upside failure, however, risks higher low and extension of near-term downtrend and below 1.4052 opens 1.4030/12.

    Res: 1.4150, 1.4161, 1.4213, 1.4247
    Sup: 1.4105, 1.4094, 1.4052, 1.4040

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    GBP/USD

    Extends retreat from 1.6400 peak after consolidation attempt above 1.6230 failed, with loss of 1.6200, 21 Mar higher platform approaching 1.6128, 61.8% retracement of 1.5959/1.6400 upleg. Loss of the latter would confirm near-term top at 1.6400 and expose higher low at 1.6059, ahead of possible full retracement of the recent rally. Initial resistance lies at 1.6220, while clearance of 1.6270 would signal fresh recovery under way.

    Res: 1.6194, 1.6220, 1.6270, 1.6290
    Sup: 1.6137, 1.6128, 1.6100, 1.6059

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    USD/JPY

    Continues to trade in a narrow range after sharp recovery off 79.25 record low peaked at 82.00. Downside remains supported by 80.57, Friday’s low / 20 day MA, for now, with clearance of 81.30, range ceiling and 82.00 needed to resume recovery. 82.66, 90 day MA on a daily chart, and 83.30, 11 Mar high, are seen on a break. However, loss of 80.57 will signal fresh weakness under 80.00 handle. Longer-term outlook remains bearish.

    Res: 81.31, 81.74, 81.98, 82.41
    Sup: 80.69, 80.57, 80.16, 80.00

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    USD/CHF

    Extended recovery after finding support at 0.8976, clearing 0.9089 range ceiling, to hit fresh near-term high at 0.9122. Corrective pullback remains supported by 0.9050, 20 day MA for now, with fresh gains required to clear 0.9122, to resume recovery. Alternative scenario sees risk of losing 0.9050 handle and return back to 0.8976/61 support zone.

    Res: 0.9122, 0.9139, 0.9200, 0.9250
    Sup: 0.9050, 0.9000, 0.8976, 0.8961

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