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

EUR/USD

Fresh strength has emerged from 1.3620 support, clearing 1.3678/1.3703 resistance zone, en-route to 1.3787, possibly to test 1.3798, range upper limit. Break there is required to resume recovery and expose 1.3838, then 1.3886, 09 Feb high / 02 Feb low.

Res: 1.3735, 1.3787, 1.3798, 1.3838

Sup: 1.3678, 1.3654, 1.3620, 1.3595

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20100312092041.gif

GBP/USD

Continues to trend higher after finding support at 1.4871 higher low, with the latest strong rally, now focusing 1.5194, 08 Mar high. Break there will increase possibilities for attempt towards 1.5345, while early rejection risks lower top instead.

Res: 1.5135, 1.5194, 1.5210, 1.5235

Sup: 1.5024, 1.5013, 1.4990, 1.4920

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20100312092106.gif

USD/JPY

Remains constructive off 88.13, 04 Mar low. Consolidation under 90.75/83, 12/10 Mar highs respectively, is forming a likely continuation for an extension higher to test 91.35, falling trendline drawn off 93.75. 90.33/20 supports immediate advance.

Res: 90.73, 90.81, 91.00, 91.30

Sup: 90.31.90, 15, 89.80, 89.62

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20100312092143.gif

USD/CHF

Fresh weakness off 1.0810 lower top have tripped 1.0647/48 lows, highlighting current area top pattern breakout to risk initial 1.0609. Back over 1.0810, however, will suggest current consolidation instead.

Res: 1.0740, 1.0752, 1.0787, 1.0808

Sup: 1.0673, 1.0645, 1.0630, 1.0607

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20100312092224.gif