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

EUR/USD

Fresh weakness emerged after yesterday’s break through 1.3656/39 key support, extending losses to 1.3586 thus far. This opens way for test of 1.3543/29, 10/05 Mar low and possible attempt at 1.3433 range low. Upside, for now, remains capped by 1.3694 and only clear break here to improve the tone and turn focus to 1.3815.

Res: 1.3645, 1.3694, 1.3727, 1.3739

Sup: 1.3586, 1.3575, 1.3543, 1.3529

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20100319090341.gif

GBP/USD

Extended correction off 1.4780 to reach 1.5380 on 17 Mar, retracing between 50% and 61.8% of 1.5814/1.4780 downleg, ahead of the latest reversal. Hourly studies now favor further weakness, after loss of1.5217/06 support zone. Next targets seen at 1.5087/55, ahead of key 1.4976, 16 Mar higher low. Only regain of 1.5250/80 area to delay.

Res: 1.5255, 1.5278, 1.5305, 1.5327

Sup: 1.5162, 1.5087, 1.5055, 1.4976

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20100319090403.gif

USD/JPY

Remains constructive off 88.13, yearly low, posted on 04 Mar. Yesterday’s dip under 89.98 support left a lower rejection at 89.74, just above key 89.62, 09 Mar low. This confirms a positive bias for test 91.08, range ceiling, also trendline resistance. Potential break here to open 92.13, 19 Feb high, near-term.

Res: 90.85, 91.08, 91.22, 91.35

Sup: 90.05, 89.75, 89.62, 89.45

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20100319090442.gif

USD/CHF

Corrective rally off 1.0505, 17 Mar low/near 50% retracement 1.0129/1.0897 upleg, stalled at 1.0648, just shy of 1.0656, 50% retracement of 1.0808/1.0507 decline. The near-term structure remains negative, and break below 1.0532 to open for 1.0483/47 next.

Res: 1.0621, 1.0645, 1.0656, 1.0676

Sup: 1.0532, 1.0505, 1.0497, 1.0481

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20100319090512.gif