Short Term Technical Analysis for Majors (09:30 GMT)

EUR/USD

Extended reversal up-swing off 1.3536, 09 Mar low, to reach 1.3795 high on Friday, ahead of current corrective reversal. This suggests fresh recovery towards 1.3840, 09 Feb high, then 1.3868, 38.2% retracement of 1.4580/1.3433 downleg. 1.3705/1.3678 supports and break there would question recovery strength.

Res: 1.3798, 1.3803, 1.3838, 1.3868

Sup: 1.3705, 1.3678, 1.3654, 1.3620

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20100315093907.gif

GBP/USD

Extended gains off 1.4871 higher low, to reach 1.5217 on Friday. Today’s sharp reversal through 1.5120/1.5087 supports now question further strength and seeks for further weakness through 1.5065, targeting 1.5024/13 next. However, while 1.4945/05 hold, scope exists for fresh push higher.

Res: 1.5120, 1.5155, 1.5194, 1.5217

Sup: 1.5024, 1.5013, 1.4990, 1.4945

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20100315093933.gif

USD/JPY

Remains constructive off 88.13, 04 Mar low, reaching 91.08 high so far. Friday’s lower rejection at 90.16 now underpins for fresh attempt on 91.29, trendline resistance, with break there to open 91.90/92.16. Downside, loss of 90.16 risks a return to 89.62, 09 Mar low.

Res: 91.08, 91.35, 91.90, 92.16

Sup: 90.31.90, 16, 89.80, 89.62

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20100315094010.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 regain of 1.0697, 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_20100315094044.gif