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    Short Term Technical Analysis for Majors (09:00 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





    GBP/USD

    Attempts to complete a three legged correction off 1.4780, 01 Mar yearly low. Today’s break above 1.5217 resistance, now focuses the key 1.5316/45 area, with a lower high favored to form near there.

    Res: 1.5293, 1.5316, 1.5345, 1.5385
    Sup: 1.5210, 1.5174, 1.5150, 1.5120





    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





    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


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  3. #2
    Fx Whale Chaser Array scarface's Avatar
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    Re: Short Term Technical Analysis for Majors (09:00 GMT)

    Hi,

    Good day,

    Thanks for the great analysis. Just a quick question, how about USDCAD???

    It is going down to reach 0.97xxx in my opinion.

    Best wishes,

    Scarface
    a New Year 2011 has come, and the challenge has just started

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