Short Term Technical Analysis for Majors (08:40 GMT)

EUR/USD

Yesterday’s fresh strength from 1.3742 higher low has finally cleared 1.3860 resistance and spiked to 1.3889, ahead of shallow correction to 1.3860 zone, former resistance and now reverted to support. While the latter holds dips, immediate target lies at 1.3947, 76.4% Fibonacci retracement of 1.4280/1.2872 downleg, ahead of psychological barrier at 1.40. Further correction on overbought hourly conditions would target 1.3835/15, Fibonacci levels, while 1.38 marks key near-term support and needs to hold to keep near-term bullish outlook intact.

Res: 1.3874, 1.3889, 1.3900, 1.3947
Sup: 1.3845, 1.3803, 1.3780, 1.3742

http://mediaserver.fxstreet.com/Repo...0303080819.gif


GBP/USD

Has posted a fresh high at 1.6342 after pullback from double top at 1.6328 reached 1.6215, 38.2% retracement of 1.6030/1.6328 ascend, where good support was found . Hourly studies look somewhat exhausted, but 1.63/1.6270 supports hold for now. Wider picture remains bullish, with scope for fresh extension higher and 1.6456, Jan 2010 high in sight. At the downside, 1.6215 offers key near-term support and should contain corrective dips.

Res: 1.6331, 1.6342, 1.6371, 1.6456
Sup: 1.6300, 1.6271, 1.6245, 1.6215

http://mediaserver.fxstreet.com/Repo...0303080802.gif



USD/JPY

Remains at the back foot after recovery attempt from 81.61 failed to sustain gains above 82 zone, with fresh weakness extending through 81.61 to test 81.57, trendline drawn off 80.24 low. Bounce from 81.57 is so far capped by 82.00, and clearance of 82.00/23 is needed to improve near-term outlook and signal fresh recovery towards 82.90/83.05 resistance zone. At the downside, loss of 81.57 will focus 81.10/80.92.

Res: 81.91, 82.10, 82.23, 82.31
Sup: 81.76, 81.57, 81.10, 80.92

http://mediaserver.fxstreet.com/Repo...0303080741.gif

USD/CHF

Extends the latest downleg from 0.9773 high, to post fresh record low at 0.9200, after corrective attempt from 0.9221, previous low, stalled at 0.9320. Overall tone remains bearish, with 0.9100 zone seen next, while 0.9320 expected to limit the upside for now.

Res: 0.9261, 0.9289, 0.9320, 0.9390
Sup: 0.9221, 0.9200, 0.9150, 0.9100

http://mediaserver.fxstreet.com/Repo...0303080721.gif