EUR/USD
Remains at the back foot after falling from 1.3423 to 1.3249, with subsequent recovery so far being capped by 1.3364. While 1.3423 peak stays intact, focus is turned lower, and loss of 1.3249 to target 1.3212, 61.8% of 1.3082/1.3423 upleg. Strong support lies at 1.3085/54, ahead of key 1.2968, 30 Nov higher low.
Res: 1.3364, 1.3382, 1.3423, 1.3440
Sup: 1.3305, 1.3280, 1.3249, 1.3212
GBP/USD
Maintains negative tone following sharp reversal from 1.5659 to 1.5445. Corrective attempt off the latter was short-lived, leaving lower high at 1.5516, ahead of fresh weakness. Retest of 1.5366/43 lows would be the likely scenario, with break here to end recovery phase from 1.5343 and resume the broader downtrend. Only above 1.5659 improves the outlook.
Res: 1.5516, 1.5561, 1.5584, 1.5621
Sup: 1.5445, 1.5431, 1.5366, 1.5343
USD/JPY
Upside rejection at 84.49 and break below key supports at 82.83/33 has sparked fresh weakness to reach 80.92 so far, ahead of correction. Immediate resistance lies at 81.84, with clearance of 82.52 needed to improve outlook and allow for stronger correction. Otherwise, fresh attempt through 80.92, towards 80.52/24 key short-term supports and possible attack at 79.75, 1995 extreme low, is likely.
Res: 81.84, 82.28, 82.52, 82.80
Sup: 81.35, 80.92, 80.52, 80.24
USD/CHF
Extended the broader fall from 1.0064/0.9916, breaking through 2010 low at 0.9461, to reach fresh all time low at 0.9301. Consolidation above here is underway, with immediate focus on 0.9301 retest, break of which to open 0.9230/0.9155 next. Upside remains capped by 0.9530 and only break here would offer relief for 0.9628/63.
Res: 0.9381, 0.9416, 0.9432, 0.9468
Sup: 0.9301, 0.9230, 0.9200, 0.9150
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03-01-2011, 05:04 PM #1
Short Term Technical Analysis for Majors (15:40 GMT)
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