Short Term Technical Analysis for Majors (13:40 GMT)
EUR/USD
Has met and exceeded the 38.2% retrace of the 1.5141-1.1876 fall at 1.3125. Break above the resistance of a rising daily wedge warns of a pullback. However, while over 1.3146, bulls favored short-term.
Res: 1.3265, 1.3325, 1.3365, 1.3417
Sup: 1.3140, 1.3105, 1.3090, 1.3050
http://mediaserver.fxstreet.com/Repo...0803134458.gif
GBP/USD
Persistent strength looks set to target the 61.8% retrace of the 1.7044-1.4228 fall at 1.5968. Failure to meet resistance near 1.5968 opens up 1.6070 (03 Feb high). Overbought conditions warn of a pullback..
Res: 1.5968, 1.6010, 1.6027, 1.6070
Sup: 1.5865, 1.5829, 1.5805, 1.5780
http://mediaserver.fxstreet.com/Repo...0803134420.gif
USD/JPY
Today's break under 86.20 negates the series of rising lows seen from last Friday's 85.95 rejection low. With fresh annual lows now being printed, this opens up the equality projection at 82.30.
Res: 86.70, 86.89, 86.97, 87.17
Sup: 84.00, 83.51, 83.00, 82.30
http://mediaserver.fxstreet.com/Repo...0803134353.gif
USD/CHF
Bears continue to pressure the 76.4% retracement level at 1.0344. A breakdown there would expose 1.0314 ahead of the 1.0239 prior high (near 1.236x 1.0676/1.0394 fr 1.0640). Above 1.0477 would neutralize declines.
Res: 1.0458, 1.0480, 1.0536, 1.0578
Sup: 1.0344, 1.0317, 1.0293, 1.0231
http://mediaserver.fxstreet.com/Repo...0803134314.gif
