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Short Term Technical Analysis for Majors (14:30 GM Post Reply Rate topic
WindsorBrokers Senior	21-Feb-2011 23:03        WindsorBrokers About Contact  Quote this Post!
x 0   x 0  Alert Admin	EUR/USD Trades in a near-term corrective mode after fresh strength from 1.3545 higher low, broke above 1.37 barrier, 61.8% retracement of 1.3860/1.3427 decline. Corrective pullback is seen preceding fresh strength, with immediate support at 1.3645/20. Potential break lower will open way for deeper correction towards 1.3600, 38.2% of 1.3427/1.3714. At the upside, clearance of 1.3714, fresh high, to target 1.3743, 09 Feb lower high. Clearance of the latter to signal an end of correction from 1.3860 and expose 1.3766/88 next. Res: 1.3689, 1.3714, 1.3743, 1.3766 Sup: 1.3645, 1.3620, 1.3605, 1.3570 http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20110221143048.gif GBP/USD Has nearly fully retraced the recent pullback from 1.6277, 03 Feb high, that bottomed at 1.5957. Fresh strength has so far reached 1.6262, en-route to 1.6277 lower high, break of which to expose key short-term resistance at 1.6297. Above here to open fresh phase higher of the broader recovery from 1.4230.  At the downside, 1.6200/1.6185 offers initial support, with 1.6150 expected to hold dips, to keep immediate bulls in play. Res: 1.6248, 1.6277, 1.6297, 1.6350 Sup: 1.6203, 1.6185, 1.6149, 1.6110 http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20110221143025.gif   USD/JPY Remains in a near-term corrective/consolidative mode after break above 83.67, previous high, peaked at 83.96, ahead of 84.49, key short-term resistance. Support zone at 83.10/00 area, 55 day MA / 14/17 Feb lows, also neckline of head and shoulders pattern on 4 hour chart, is tested so far, and  loss here would signal further correction and open 82.87/52, 38.2% / 50% retracement of 81.10/83.96 upleg. Res: 83.52, 83.73, 83.96, 84.19 Sup: 83.01, 82.87, 82.52, 82.20 http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20110221142952.gif USD/CHF Extends reversal from 0.9773, 11 Feb peak, breaking through 0.9500, 61.8% retracement of 0.9327, 02 Feb low, to post fresh low at 0.9432, 76.4% retracement of 0.9327/0.9784 ascend. This signals an end of recovery attempt from 0.9327, 02 Feb low, as negative near-term studies look for further downside extension and test of 0.9420/0.9394, ahead of possible full retracement of the recent upleg. Corrective attempts are seen capped by 0.9536 for now.   Res: 0.9536, 0.9551, 0.9581, 0.9600 Sup: 0.9432, 0.9420, 0.9365, 0.9327 http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20110221142836.gif
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