Short Term Technical Analysis for Majors (09:00 GMT)

EUR/USD

Remains well supported, following last Friday’s lower rejection at 1.3529. Market tested 1.3700 today, ahead of key 1.3735 resistance. However, market continues to trade within 1.3433/1.3735 consolidation range. Overbought conditions now see scope for correction, with 1.3625 offering initial support, ahead of 1.3529, loss of which weakens near-term outlook. Early lower rejection, however, returns 1.3700/25 test in focus.

Res: 1.3703, 1.3711, 1.3735, 1.3789

Sup: 1.3625, 1.3590, 1.3550, 1.3529

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20100308091124.gif

GBP/USD

Continues to trend higher off 1.4780, 01 Mar low, with Friday’s clearance of 1.5075, trendline resistance, extending gains to 1.5194 so far, retracing over 38.2% of 1.5814/1.4780 downleg. Potential is seen for an upside extension towards 1.5300/45, where a lower top is seen ahead of fresh weakness. Only regain of 1.5525/75 zone to neutralize medium-term bears.

Res: 1.5230, 1.5265, 1.5296, 1.5316

Sup: 1.5120, 1.5075, 1.5004, 1.4990

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20100308091153.gif

USD/JPY

Last week’s bullish engulfing candle pattern has opened way for current rally, reaching 90.67 high so far, just above 61.8% retrace of 92.13-88.13 downleg. Correction lower now under way, with 89.50/45, key support, expected to contain dips, ahead of fresh push higher, and clearance of 90.67 to focus 91.30, 23 Feb high. Loss of 90.45, howvere, weakens the tone.

Res: 90.67, 90.85, 91.10, 91.30

Sup: 89.98, 89.45, 89.25, 88.96

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20100308091223.gif

USD/CHF

Continues broader consolidation between a 1.0646/1.0898 band, following earlier near-term strength. Friday’s upside rejection at 1.0808, now turns focus downside, for test of 1.0646, with break there to open fresh weakness to 1.0607. Upside, regain of 1.0898 is needed to resume the uptrend.

Res: 1.0745, 1.0760, 1.0808, 1.0828

Sup: 1.0667, 1.0646, 1.0630, 1.0607

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20100308091257.gif