Short Term Technical Analysis for Majors (14:30 GMT)

EUR/USD

Continues to trend higher off 1.3433, yearly low, posted on 02 Mar. The latest upleg from 1.3639/56 higher lows, now attempting through 1.3798, range ceiling, with clear break there to expose 1.3838/50 next. 1.3715 offers initial support, while 1.3656 expected contain corrective dips.

Res: 1.3816, 1.3838, 1.3850, 1.3883

Sup: 1.3715, 1.3700, 1.3681, 1.3656

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20100317141802.gif

GBP/USD

Extended recovery off 1.4780 low, clearing 1.5217/58 previous highs, and key 1.5345 resistance, to reach 1.5380 thus far. This now opens prospect for further recovery, opening initially 1.5417, 61.8% retracement of 1.5814/1.4780 decline, ahead of 1.5475, 24 Feb high. 1.5207/1.5194 offers initial support.

Res: 1.5380, 1.5417, 1.5475, 1.5520

Sup: 1.5258, 1.5207, 1.5194, 1.5174

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20100317141842.gif

USD/JPY

Rallied from 88.13, 04 Mar low, to reach 91.08 high on 12 Mar, before yesterday’s reversal to 89.98, just above 38.2% retracement of 88.13/91.08 upleg. Short-term ranging would possibly set up a fresh push towards 91.22, trendline resistance, with break there to open 92.16. Loss of 89.98, however, weakens and focuses 89.62 instead.

Res: 90.85, 91.08, 91.22, 91.35

Sup: 89.98, 89.80, 89.62, 89.45

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20100317141921.gif

USD/CHF

Remains in a downtrend from 1.0897, 02 Mar high, currently pressuring 1.0523/1.0497 region, with breach there reaffirming recent 3-legged corrective swings from 0.9916, for an initial 1.0368, 25 Jan low. Regain of 1.0642/48 would hint renewed strength.

Res: 1.0621, 1.0641, 1.0676, 1.0697

Sup: 1.0497, 1.0481, 1.0476, 1.0450

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20100317142004.gif