Windsor Brokers - Short Term Technical Analysis for Majors (08:00 GMT)

EUR/USD
Remains under pressure after failing to sustain gains above 1.3738, 61.8% retracement of 1.4280/1.2872 decline, with last Friday’s closure below 1.37 level, anticipating stronger correction. Immediate support at 1.3573 has been tested so far, as the pair posted fresh one-week low at 1.3569. Strong support lies at 1.3539, loss of which would expose 1.34 zone, above where bulls are expected to reassert. Regain of 1.3757 is needed to expose 1.3784, 22 Oct 2010 high and 1.3838, 76.4% retracement of 1.4280/1.2872. Only loss of key short-term support at 1.3245 would signal possible end of recovery phase from 1.2872.

Res: 1.3635, 1.3677, 1.3710, 1.3745
Sup: 1.3591, 1.3569, 1.3539, 1.3503





GBP/USD
Extends the short-term downtrend off 1.6058, 18 Jan peak, after sharp fall to 1.5750 and subsequent recovery failure to clear trendline resistance at 1.5989. Near-term tone is skewed to the downside, with 1.5821, triangle support being tested so far. Break here to suggest fresh weakness and test of 1.5785, 61.8% of 1.5343/1.6058 ascend and 1.5750, key short-term higher low, loss of which would signal further weakness and open 1.5660/17 zone for retest.

Res: 1.5911, 1.5965, 1.5989, 1.6016
Sup: 1.5821, 1.5768, 1.5750, 1.5717





USD/JPY
Continues to trade in negative short-term tone following recovery failure at 83.67 and the recent upside rejection at 83.20. Today’s break below 83.05, trendline support is now attempting at key short-term support at 81.84, loss of which would signal an end of recovery phase from 80.92 and extension of the downtrend from 84.49, to test 80.92, possibly multi-year low at 80.24 on a break. Only regain of 83.00/20 zone would improve the near-term outlook.

Res: 82.21, 82.46, 82.70, 82.92
Sup: 81.91, 81.84, 81.67, 80.92





USD/CHF
Maintains negative tone after the latest recovery attempt from 0.9301, historical low failed at 0.9782, with subsequent weakness clearing the last support at 0.9413, 76.4% retracement of 0.9301/0.9782 ascend, and opening way for attack at key 0.9301 support. Loss of the latter would signal and extension of the broad downtrend and fresh phase lower to expose psychological levels at 0.9200/0.9100. Only regain of 0.9620/80 would put immediate bears on hold and keep hopes of fresh recovery.

Res: 0.9468, 0.9480, 0.9493, 0.9520
Sup: 0.9399, 0.9388, 0.9365, 0.9301