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

Discussion in 'Forex' started by WindsorBrokers, Feb 9, 2011.

  1. EUR/USD

    Yesterday’s brief break above last Friday’s spike high at 1.3676 has reached fresh high at 1.3687, to retrace over 50% of 1.3680/1.3507 downleg, ahead of easing. Near-term structure off 1.3507 remains supportive, with break through 1.3687 required to target 1.3724, 61.8%, and 1.3766 where a lower high is anticipated for fresh downside attempt towards 1.3507. Supports at 1.36 zone are expected to contain dips, to maintain immediate bulls.

    Res: 1.3665, 1.3675, 1.3687, 1.3724
    Sup: 1.3611, 1.3591, 1.3570, 1.3542

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    GBP/USD

    Remains in a near-term corrective mode after an upside failure at 1.6277, just below key 1.6297 resistance, triggered reversal to 1.6027. This marks over 23.6% retracement of 1.5350/1.6277 ascend, also trendline support, drawn off 1.5404. While the latter holds, scope exists for renewed attempt higher, with clearance of 1.6184 to focus 1.6277/97, key resistance zone. Loss of 1.6027, however, would risk deeper reversal towards 1.6015/1.5950, 50% / 61.8% retracement.

    Res: 1.6103, 1.6160, 1.6184, 1.6228
    Sup: 1.6035, 1.6027, 1.6015, 1.6002

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    USD/JPY

    Maintains near-term positive tone from 81.10/30 lows, after peaking at 82.46 and subsequent pullback finding ground at 81.76. Current attack at 82.46 needs to see clear break higher to resume recovery towards 83.20/67 resistance zone, break of which is required to open key short-term resistance at 84.49, 15 Dec 2010 high. Rejection under 83.20, however, would risk lower top, with loss of 81.76 to re-focus 80.92, key short-term support.

    Res: 82.50, 82.70, 83.08, 83.20
    Sup: 82.24, 81.99, 81.76, 81.30

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    USD/CHF

    Extends near-term recovery from 0.9327, to extend above 61.8% of 0.9782/0.9327 decline, reaching 0.9653 so far, just ahead of 0.9672/85, 76.4% / 21 Jan previous high. Near-term studies are supportive for fresh extension higher, with 0.96 zone expected to contain corrective dips. Through 0.9685 to open way for retest of key short-term resistance at 0.9782. Only loss of 0.9522 higher platform, would weaken the structure.

    Res: 0.9653, 0.9672, 0.9685, 0.9739
    Sup: 0.9618, 0.9600, 0.9561, 0.9522

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