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EUR/USD

Extends the short-term uptrend, after two days congestion under 1.3061/75 resistance zone. Fresh strength was boosted by yesterday’s FOMC release, surging through 1.3075 and 1.3100, en-route to the next significant barrier at 1.3145, 04 Oct 2011 low and currently testing daily 55 day SMA at 1.3124. Short-term positive sentiment keeps the upside favored, though overextended near-term conditions may slow the rally. Daily structure continues to improve after break above 20 day SMA, with fresh momentum and MACD emerging above the centerlines, suggesting further recovery. Clearance of 1.3145 to open 1.3200 next. On the downside, key support remains at 1.2875, with initial supports lie at 1.3075/61 and 1.3000.

Res: 1.3145, 1.3196, 1.3211, 1.3258
Sup: 1.3100, 1.3075, 1.3061, 1.3000





GBP/USD

The pair resumes short-term uptrend from 1.5233, 13 Jan low, after corrective pullback from 1.5627 was contained at initial support at 1.5530, where fresh strength emerged. Rally through 1.5620/27 barrier, daily Ichimoku cloud base / 24 Jan previous high, is currently testing next strong resistance zone at 1.5760/70, daily 90 day SMA / 03 Jan high / main bear trendline off 1.617 high, with sustained break higher to expose 1.5700, Fib 50% of 1.6164/1.5233 descend, ahead of very strong resistance at 1.5770 zone, Dec’s range ceiling, also near Fib 61.8%. Overextended hourly studies suggest corrective pullback, with initial supports at 1.5627, also 20 day SMA and 1.5600. Key short-term support zone lies at 1.5535/00.

Res: 1.5677, 1.5700, 1.5770, 1.5800
Sup: 1.5627, 1.5600, 1.5550, 1.5530





USD/JPY

USD/JPY has erased over half of its latest strong rally that ended testing key med-term resistance zone at 78.20/30, after release of dollar negative FOMC data accelerated losses through initial support at 77.60, also broken bear-trendline. Negative near-term sentiment keeps the pair under pressure for extension lower and test of strong supports at 77.40/32, Fib 61.8% / previous highs, loss of which to confirm top and signal return to previous 77.32/76.85 range. Initial resistances lie at 77.80 and 78.00 and only break above the latter to ease near-term bear pressure.

Res: 77.80, 78.00, 78.27, 78.40
Sup: 77.50, 77.32, 77.00, 76.85





USD/CHF

Resumes the downtrend off 0.9600 resistance zone, after near-term consolidative/corrective phase failed to sustain gains above initial resistance at .9300, leaving a lower top under strong barrier at 0.9376, ahead of sharp fall under our initial target at 0.9200, Fib 38.2% of 0.8566/0.9593. Negative short-term structure keeps the downside favored, with break below 0.9178, 90 day SMA to expose 0.9100, then 0.9075/64, Fib 50% / 30 Nov 2011 low. Oversold 1 and 4H conditions, however, suggest corrective action preceding fresh weakness, with 0.9230/50 offering initial resistance and 20 day SMA, currently at 0.9275, expected to cap the upside.

Res: 0.9233, 0.9250, 0.9268, 0.9300
Sup: 0.9193, 0.9178, 0.9150, 0.9100

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