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

EUR/USD

Rally off 1.3639/56, 15/16 Mar low, stalled at 1.3816 yesterday, ahead of reversal. Loss of 1.3656/39 supports opens 1.3620/1.3530, to possibly continue broader downtrend. Only regain of 1.3727 would avert immediate bears.

Res: 1.3727, 1.3739, 1.3780, 1.3798

Sup: 1.3639, 1.3620, 1.3595, 1.3575

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20100318141925.gif

GBP/USD

Positive short-term structure off yesterday’s 1.5207 higher low starts to fade after break under 1.5268/58 supports, with loss of 1.5207 to way for deeper correction. However, regain of minimum 1.5316/30 is needed to re-focus 1.5367/80.

Res: 1.5330, 1.5367, 1.5380, 1.5417

Sup: 1.5354, 1.5239, 1.5217, 1.5207

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20100318142010.gif

USD/JPY

Continues to further retrace the recent 88.13/91.08 upleg, with today’s break below 89.98, near-term range, now focusing 89.62, 09 Mar low/50% retracement, where a higher low would mark fresh attempt towards 91.08/22.

Res: 90.85, 91.08, 91.22, 91.35

Sup: 89.62, 89.45, 89.26, 88.96

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20100318142053.gif

USD/CHF

Probed the 1.0523/1.0497 support zone, to reach 1.0505, ahead of bounce. This is seen corrective while 1.0641/48 caps, with further drop reaffirming recent 3-legged corrective swings off 0.9916 to open 1.0424/1.0368 zone next. Break above 1.0641/48 hints renewed strength.

Res: 1.0621, 1.0641, 1.0676, 1.0697

Sup: 1.0505, 1.0497, 1.0481, 1.0476

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20100318142138.gif

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

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