Short Term Technical Analysis for Majors (09:30 GMT)

EUR/USD

Bounce off 1.3433, 02 Mar low has sparked rally to 1.3735 yesterday, though bulls failed to attack 1.3790, key 17 Feb high, with sharp reversal followed. Dips now need to hold above 1.3514/00 for possible attempt at 1.3735, while upside failure risks 1.3433/22 .

Res: 1.3632, 1.3693, 1.3711, 1.3735

Sup: 1.3550, 1.3513, 1.3433, 1.3422

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20100305092524.gif

GBP/USD

Short-term structure remains positive while 1.5000/1.4970 support area holds. This keeps potential attempt at 1.5345 in play. Loss of 1.4970 however, will sour the tone and bring 1.4780, yearly low, back in focus.

Res: 1.5075, 1.5090, 1.5130, 1.5152

Sup: 1.4990, 1.4974, 1.4960, 1.4940

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20100305092612.gif

USD/JPY

Extends corrective phase off yesterday’s 88.13 low, now approaching key 89.48 resistance. Break there to open an way for test of 89.72, possibly 90.35 on a break. Loss of 88.92 support, however, will signal fresh weakness.

Res: 89.48, 89.72, 90.35, 90.55

Sup: 88.92, 88.63, 88.13, 87.73

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20100305092741.gif

USD/CHF

Continues broader consolidation between a 1.0646/1.0898 band, following earlier near-term strength. Current upswing stalled at 1.0793 yesterday and potential loss of momentum would risk fresh weakness towards 1.0646. Upside clearance of 1.0793 focuses 1.0899.

Res: 1.0796, 1.0840, 1.0899, 1.0940

Sup: 1.0732, 1.0687, 1.0667, 1.0646

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20100305092819.gif

Re: Short Term Technical Analysis for Majors (09:30 GMT)

Closed my Short positions on EU. My conviction on this pair remains the same. However saw better opportunity(in the near term) on UCAD and wanted to take that up

Re: Short Term Technical Analysis for Majors (09:30 GMT)

In Response to feroce:

There are still good oportunities for EURUSD as long as it remains within 1.3433 - 1.3735 range. However I see it currently more turned upside as long as 1.3529 holds. Regarding USDCAD, clear break under 1.0222/04, sees good opportunity parity test and even lower, while 1.0340/65 caps.