Thread: Short Term Technical Analysis for Majors (08:00 GMT)

EUR/USD

Trades in a narrow consolidative range after brief break through psychological barrier at 1.40 failed to sustain gains. Near-term studies remain supportive for fresh attempt at 1.40, with clear break to expose 1.4083/1.4100 next, ahead of key resistance at 1.4280, Nov 2010 lower high and trendline resistance, currently at 1.4307. Overbought daily studies, however, see scope for correction, with 1.3860/30 zone offering initial support.
Maintains positive tone after spike to 1.40 level was followed by sharp reversal to 1.3940. Retest of 1.40 and extension towards 1.4083/1.41 zone on a break remains favored, while 1.3940/24 offers immediate support, while 1.3860, former high, underpins the advance.

Res: 1.4005, 1.4050, 1.4083, 1.4100
Sup: 1.3940, 1.3924, 1.3890, 1.3845




GBP/USD

Reversal from 1.6342, 02 Mar fresh high has so far been contained by 1.6240/30 zone, with fresh strength looking for test 1.63 zone. Sustained break here will open 1.6342 for retest, and possible extension towards 1.6371 and 1.6456. At the downside, loss of 1.6230/14 supports will allow for stronger correction towards key near-term support at 1.6030.

Res: 1.6281, 1.6295, 1.6314, 1.6342
Sup: 1.6234, 1.6214, 1.6185, 1.6132





USD/JPY

Has spiked to 83.05, 61.8% retracement of 83.96/81.57 downleg, ahead of sharp reversal. Previous high at 82.50, now reverted to support, has been lost, turning the near-term tone negative. Break below 82.00 handle will turn focus towards 81.70/57, ahead of 81.10/80.92, key support zone. At the upside, 82.30/50 caps for now.

Res: 82.30, 82.50, 82.75, 82.90
Sup: 81.92, 81.76, 81.57, 81.10





USD/CHF

Recovery attempt from 0.9200 low has so far been capped by 0.9320 zone, with the latest weakness retracing nearly 61.8% of 0.9200/0.9320 ascend, and turning immediate tone negative. However, while above 0.9220, scope exists for fresh recovery attempt, though, regain of 0.9320 is required to confirm, otherwise return to 0.9200 and fresh record lows on a break, would be the likely scenario.

Res: 0.9274, 0.9290, 0.9318, 0.9327
Sup: 0.9221, 0.9200, 0.9150, 0.9100