Short Term Technical Analysis for Majors (12:00 GMT)

EUR/USD

Has found a near-term support at 1.4050/40 zone, ahead of fresh thrust higher, clearing 1.4100 barrier and approaching 1.4150. Market now eyes 1.4280/1.4313, Oct 2010 peak / major trendline resistance, drawn off 1.6039, all time high. Overbought hourly conditions see scope for correction, with immediate support at 1.4050/40. Further down, 1.3980, today’s low, 20 day MA, offers key near-term support, and only break here would delay immediate bulls.

Res: 1.4150, 1.4200, 1.4256, 1.4280
Sup: 1.4108, 1.4073, 1.4040, 1.3980

http://mediaserver.fxstreet.com/Repo...0318131450.gif



GBP/USD

Yesterday’s strength off 1.5959, short-term range bottom was capped by 1.62 zone, ahead of sharp reversal to 1.6059, near 61.8% retracement of 1.5959/1.6190, where a temporary support was found. Fresh attempt at 1.6190/1.62 is under way, with clear break required to resume near-term gains and open 1.6241, ahead of range ceiling at 1.63/1.6342. Failure to clear 1.62, however, will signal further range trading while 1.5959 holds the downside.

Res: 1.6190, 1.6200, 1.6241, 1.6300
Sup: 1.6133, 1.6100, 1.6090, 1.6070

http://mediaserver.fxstreet.com/Repo...0318131316.gif



USD/JPY

Extends near-term recovery after hitting fresh all-time low at 76.25. Consolidation within 78.20/79.00 range preceded strong rally, fueled by CB’s intervention, and regaining 82.00 handle. While holding above initial support at 79.80, scope exists for further gains towards 82.45 and 83.00/30 on a break. Losing 79.80 will re-focus 78.20/76.25.

Res: 81.74, 81.98, 82.41, 83.05
Sup: 81.20, 80.65, 79.80, 79.16

http://mediaserver.fxstreet.com/Repo...0318131256.gif



USD/CHF

Has dipped to fresh record low at 0.8900 after losing the previous 0.9139 handle.
Correction/consolidation above 0.8960 is under way, though 0.9090 caps for now. Regain of 0.92 level is needed to signal recovery and open 0.9370 next, otherwise fresh attack at 0.8960/00 and posting new record high, would be likely scenario.


Res: 0.9070, 0.9089, 0.9139, 0.9200
Sup: 0.9005, 0.8986, 0.8961, 0.8900

http://mediaserver.fxstreet.com/Repo...0318131234.gif