Short Term Technical Analysis for Majors (15:00 GMT)

EUR/USD

Remains in a range trade, with yesterday’s bounce just above 1.3529 support, seeing fresh attempt at 1.3675, trendline resistance. Clear break there would open way towards 1.3703/35 higher levels of the range.

Res: 1.3680, 1.3690, 1.3703, 1.3735

Sup: 1.3620, 1.3595, 1.3575, 1.3543,

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20100311150534.gif

GBP/USD

Extends bounce from 1.4871, yesterday’s higher low, currently probing 1.5014 resistance, ahead of possible attempt at 1.5194, 08 Mar high. Break there is required to resume near-term recovery towards 1.5315/35. Failure under 1.5194, however, risk lower top for fresh weakness, though, while 1.4880/70 holds, near-term tone remains positive.

Res: 1.5068, 1.5112, 1.5167, 1.5205

Sup: 1.4920, 1.4871, 1.4855, 1.4780

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20100311150645.gif

USD/JPY

Recovery phase off 88.13, 04 Mar low, extends from the swing low at 89.63, confirmed by the latest break above 90.67, 08 Mar high to reach 90.81 thus far. Further strength targets 91.30 then 91.90. Only loss of 89.62/45 would pivot market back to test 88.14.

Res: 90.81, 91.00, 91.30, 91.45

Sup: 90.15, 89.80, 89.62, 89.45

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20100311150742.gif

USD/CHF

Upside attempt failed just under 1.0802, reversing back to 1.0680 support zone.Clear break there will expose 1.0645, range low, then 1.0607, 09 Feb low. To avoid immediate downside risk, minimum 1.0808 must me regained. This would open way for further recovery towards 1.0930/1.1020.

Res: 1.0740, 1.0752, 1.0787, 1.0808

Sup: 1.0673, 1.0645, 1.0630, 1.0607

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20100311150823.gif