Short Term Technical Analysis for Majors (15:30 GMT)
EUR/USD
Extended losses off 1.3816, 17 Mar peak, clearing all supports, to hit 1.3462 today and nearly fully retrace the recent 1.3433/1.3816 upleg. Correction on oversold hourly conditions now underway, with 1.3580/1.3600 zone expected to hold. 1.3433, range low remains main target and break lower to focus 1.3250/1.3088, May/ Apr 2009 lows, next.
Res: 1.3545, 1.3586, 1.3600, 1.3625
Sup: 1.3462, 1.3433, 1.3423, 1.3247
http://mediaserver.fxstreet.com/Repo...0322152302.gif
GBP/USD
Reversed from 1.5380, last week’s recovery high, clearing 1.4976 key support last Friday, to reach 1.4930 thus far, en-route to 1.4871, 10 Mar higher low. Correction now under way, with lower top seen under 1.5126/60 area. Break below 1.4871 will reaffirm short-term bear presence, opening 1.4780 low. Upside break above 1.5160, however, would allow stronger correction and open 1.5206/55 instead.
Res: 1.5126, 1.5160, 1.5224, 1.5255
Sup: 1.4930, 1.4871, 1.4855, 1.4780
http://mediaserver.fxstreet.com/Repo...0322152221.gif
USD/JPY
Dipped sharply 89.82 today, following an upside rejection at 90.76. Positive tone, however, persists, while 89.74/62, consolidation range’s bottom holds, keeping a fresh attempt through 90.76/79 to 91.08 in play. Only loss of 89.62 negates and brings underlying bear trend back to play.
Res: 90.79, 91.08, 91.22, 91.35
Sup: 89.74, 89.62, 89.45, 89.30
http://mediaserver.fxstreet.com/Repo...0322152153.gif
USD/CHF
Has been undergoing a recovery phase off 1.0505, 17 May low. Today’s attempt higher has failed at 1.0660 resistance, with sharp pullback emerging. Market now attempts at 1.0575, today’s low/trendline support, break of which would delay immediate bulls and open fresh weakness towards 1.0540/30 zone, possibly to retest 1.0505 bottom. Early rejection above 1.0575, however, would keep fresh attempts at 1.0645/60 in play.
Res: 1.0645, 1.0660, 1.0676, 1.0697
Sup: 1.0575, 1.0532, 1.0505, 1.0497
http://mediaserver.fxstreet.com/Repo...0322152120.gif
