Short Term Technical Analysis for Majors (08:30 GM

[B]EUR/USD[/B]

 

Continues to trend lower, with risk seen for further drop to fully retrace the 1.3266/1.3591 upleg. Break below 1.3266, yearly low, would open 1.3190, 30 Apr 2009 low next, while 1.3409 expected to cap corrective attempts.

 

Res: 1.3377, 1.3409, 1.3438, 1.3459

 

Sup: 1.3266, 1.3245, 1.3213, 1.3190

 

[IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20100408083809.gif[/IMG]

 

[B]GBP/USD[/B]

 

Failed again in attempt at 1.5282/1.5315 area, with fresh weakness now under way. 1.5147/28 zone offers strong support, and break there is required to resume a broader weakness towards 1.4797/80. Regain of 1.5315/80, however, would improve.

 

Res: 1.5250, 1.5282, 1.5315, 1.5380

 

Sup: 1.5147, 1.5128, 1.5117, 1.5042

 

[IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20100408083747.gif[/IMG]

 

[B]USD/JPY[/B]

 

Current pullback is seen as corrective in structure with an hourly reversal pattern having been triggered. Scope is now for further weakness towards 92.75 and 91.45, 200 day moving average. Back over 94.03 defers.

 

Res: 93.55, 93.85, 94.03, 94.25

 

Sup: 93.05, 92.75, 92.45, 92.11

 

[IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20100408083714.gif[/IMG]

 

[B]USD/CHF[/B]

 

Daily structure continues to be constructive with a bull-flag in place, following the recent break over 1.0749. Hourly structure also remains positive, with scope for a near-term rise towards 1.0809/27. Downside, 1.0677 offers initial support.

 

Res: 1.0795, 1.0809, 1.0827, 1.0898

 

Sup: 1.0712, 1.0677, 1.0643, 1.0585

 

[IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20100408083912.gif[/IMG]