Short Term Technical Analysis for Majors (09:10 GMT)

EUR/USD
Three-legged reversal off 1.3426 high has so far retraced between 50% and 61.8% of 1.2968/1.3426 rally. The latest bounce off yesterday’s 1.3163 low is so far seen corrective while 1.3322 lower top holds, with risk seen for fresh weakness through 1.3163 to open 1.3143, 61.8% Fibonacci level. Upside clearance of 1.3322 is required to ease bear pressure and turn focus higher.

Res: 1.3281, 1.3322, 1.3352, 1.3399
Sup: 1.3200, 1.3163, 1.3143, 1.3105

http://mediaserver.fxstreet.com/Repo...1210091221.gif


GBP/USD
Maintains positive tone from 1.5483 after the pullback of 1.5840 found support at 1.5710. Fresh strength looks for break through 1.5840 to resume near-term uptrend and expose 1.5889, 50% retracement of 1.6297/1.5483. Downside, 1.5745 underpins the advance, while loss of 1.5710 would delay bulls.

Res: 1.5824, 1.5840, 1.5889, 1.5900
Sup: 1.5745, 1.5725, 1.5710, 1.5667

http://mediaserver.fxstreet.com/Repo...1210091201.gif



USD/JPY
The latest reversal from 84.29 reached 83.50, ahead of consolidative attempt. Holding above the latter would confirm the pullback as corrective and turn focus to 84.08 and 84.38, to resume the near-term recovery off 82.33 and expose 85.40 next. Break below 83.50, however, will confirm a double top and open 83.31/08 Fibonacci 50% / 61.8%, next.

Res: 83.85, 84.08, 84.29, 84.39
Sup: 83.50, 83.31, 83.08, 82.98

http://mediaserver.fxstreet.com/Repo...1210091141.gif



USD/CHF
Recovery attempt off 0.9724 has run out of steam at 0.9913, with fresh weakness under way. Break below 0.9754 is needed to re-expose 0.9724, break of which would delay short-term recovery from 0.9461 and open 0.9700/0.9668. Upside, Break above 0.9913 is required to continue recovery and turn focus to 0.9948.

Res: 0.9893, 0.9913, 0.9948, 1.0020
Sup: 0.9796, 0.9754, 0.9724, 0.9700

http://mediaserver.fxstreet.com/Repo...1210091111.gif