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Technical Analysis
Short Term Technical Analysis for Majors (14:00 GMT)
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[QUOTE="WindsorBrokers, post: 17313, member: 4571"] [B]EUR/USD[/B] Trades in a near-term corrective/consolidative mode after the latest rally reached fresh 3-month high at 1.3860. Dips broke below 1.38 level, though further extension into 1.3760/50 is seen corrective, ahead of fresh attempt higher. Above 1.3860 to target 1.3886/1.3938, with test of key 1.4039, trendline resistance, seen short-term. Only loss of 1.3750, 38.2% of 1.3570/1.3860 would anticipate deeper correction and focus 1.3715/1.3680. Short-term, 1.3570 remains key support. Res: 1.3844, 1.3860, 1.3886, 1.3938 Sup: 1.3787, 1.3750, 1.3725, 1.3715 [IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20110202141812.gif[/IMG] [B]GBP/USD[/B] Surged through 1.32 barrier today, after clearing 1.6166, longer-term trendline resistance, to reach 1.6228 so far. Intraday studies remain supportive for final thrust towards 1.6297, key short-term resistance, break of which is required to trigger fresh phase higher and confirm higher low at 1.5343. Overbought conditions, however, may see corrective pullback preceding fresh strength. Immediate supports lie at 1.6120/1.6080 and is expected to contain corrective dips, otherwise, deeper correction below 1.6000 would be likely. Res: 1.6228, 1.6297, 1.6430, 1.6456 Sup: 1.6127, 1.6080, 1.6058, 1.6036 [IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20110202141751.gif[/IMG] [B]USD/JPY[/B] Continues to trade in a near-term consolidative mode after bears extended to post fresh low of 81.30 yesterday, just above 80.92, key short-term support. Intraday studies remain bearish, looking for further losses, with break below 80.92 to expose 80.24, 15-year low. Hourly studies, however, see scope of possible near-term basing above 81.30, though minimum of 81.84/82.24 should be regained to confirm recovery attempt. Res: 81.84, 81.90, 82.14, 82.24 Sup: 81.30, 81.21, 80.92, 80.52 [IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20110202141730.gif[/IMG] [B]USD/CHF[/B] Maintains negative tone after the latest recovery attempt from 0.9301, historical low failed at 0.9782, with subsequent weakness clearing the last support at 0.9413, 76.4% retracement of 0.9301/0.9782 ascend, posting fresh lows en-route to key 0.9301 support. Market posted fresh low at 0.9327, with subsequent recovery attempt failure at 0.9395, keeping bears firmly in play, and loss of 0.9301 to signal extension of the broad downtrend and fresh phase lower. Upside, 0.9450/80 zone caps for now. Res: 0.9367, 0.9395, 0.9417, 0.9447 Sup: 0.9327, 0.9306, 0.9301, 0.9250 [IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20110202141659.gif[/IMG] [/QUOTE]
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