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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 19, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Upside rejection at 1.3816 on 17 Mar has triggered reversal and yesterday's break under 1.3556/39 supports extended losses to reach 1.3532, former 05/09 March lows today.
    Focus is now 1.3433, range low retest, break of which would signal resumption of the broader downtrend. However, hourly conditions are overextended, suggesting correction, though, 1.3625 expected to cap. Break above the latter may delay immediate bears for 1.3694.

    Res: 1.3600, 1.3625, 1.3645, 1.3694
    Sup: 1.3529, 1.3513, 1.3484, 1.3445

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    GBP/USD

    Extended correction off 1.4780 to reach 1.5380 on 17 Mar, retracing between 50% and 61.8% of 1.5814/1.4780 downleg, ahead of the latest reversal. Hourly studies now favor further weakness, after loss of1.5217/06 support zone. Next targets seen at 1.5087/55, ahead of key 1.4976, 16 Mar higher low. Regain of 1.5250, however, would delay.

    Res: 1.5160, 1.5207, 1.5250, 1.5278
    Sup: 1.5087, 1.5055, 1.4976, 1.4947

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    USD/JPY

    Remains constructive off 88.13, yearly low, posted on 04 Mar. Yesterday's dip under 89.98 support left a lower rejection at 89.74, just above key 89.62, 09 Mar low. This confirms a positive bias for test 91.08, range ceiling, also trendline resistance. Potential break here to open 92.13, 19 Feb high, near-term.

    Res: 90.79, 91.08, 91.22, 91.35
    Sup: 90.05, 89.75, 89.62, 89.45

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    USD/CHF

    Corrective rally off 1.0505, 17 Mar low/near 50% retracement 1.0129/1.0897 upleg, stalled at 1.0645, just shy of 1.0656, 50% retracement of 1.0808/1.0507 decline, followed by sharp reversal to 1.0532. Fresh strength off there now under-way, though clearance of 1.0645 is required to improve the outlook and allow stronger correction. Otherwise, lower top and continuation of the broader downtrend would be likely scenario.

    Res: 1.0645, 1.0656, 1.0676, 1.0697
    Sup: 1.0532, 1.0505, 1.0497, 1.0481

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