Short Term Technical Analysis for Majors (15:15 GMT)

EUR/USD

Fresh strength has emerged from 1.3620 support, rallying sharply through 1.3735/87 resistance zone, to test 1.3798 range ceiling, ahead of corrective pullback. This now confirms near-term corrective base, for fresh push towards 1.3838, possibly 1.3886 on a break.

Res: 1.3798, 1.3838, 1.3900, 1.3914

Sup: 1.3735, 1.3705, 1.3685, 1.3654

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20100312151237.gif

GBP/USD

Continues to trend higher after finding support at 1.4871 higher low, with the latest strong rally, reaching 1.5171, ahead of key 1.5194, 08 Mar high. Break there will increase possibilities for attempt towards 1.5345, while early rejection risks lower top instead.

Res: 1.5194, 1.5210, 1.5235, 1.5265

Sup: 1.5070, 1.5024, 1.5013, 1.4990

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20100312151314.gif

USD/JPY

Remains constructive off 88.13, 04 Mar low. Consolidation under 90.75/83, 12/10 Mar highs, is forming a likely continuation for an extension higher to test 91.35, falling trendline drawn off 93.75. 90.16 now underpins the advance.

Res: 91.35, 91.90, 92.16, 92.45

Sup: 90.31.90, 16, 89.80, 89.62

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20100312151418.gif

USD/CHF

Broke below 1.0647, 17 Feb low, to probe below 1.0607, 09 Feb low, extending losses to 1.0575, over 38.2% retracement of 1.0130/1.0897. Further declines seek 1.0515, 50% retracement. Only break above 1.0697 today's high, would delay for 1.0803/08, 09/05 Mar peaks.

Res: 1.0646, 1.0676, 1.0697, 1.0729

Sup: 1.0541, 1.0515, 1.0497, 1.0477

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20100312151505.gif