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Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 25, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Near-term tone came under pressure again after recovery attempt from fresh low at 1.3968 stalled at 1.4135 resistance. Break below 1.4100 handle opened fresh losses towards 1.4000, psychological support and 1.3968, loss of which would signal fresh phase lower of the broader downtrend from 1.4938. Significant support comes at 1.3904, Fib 50% retracement of 1.2872/1.4938 upleg, ahead of 1.3850 zone, mid-March lows. On the upside, 20 day MA on 4-hour chart, currently at 1.4107, maintains near-term bears, while trendline off 1.4938, currently at 1.4190, limits the upside for now.

    Res: 1.4132, 1.4200, 1.4230, 1.4259
    Sup: 1.4000, 1.3968, 1.3904, 1.3850

    [​IMG]


    GBP/USD

    Maintains short-term bears off 1.6745 high, after break below 1.6100, the recent range floor, extended to 1.6057, and subsequent bounce ran out of steam at 1.6200 zone. Renewed attempt below main trendline support, drawn from 1.5404 and currently standing at 1.6140, would signal fresh weakness under way, with break below 1.6100/1.6057 to expose 1.5950/35 zone, previous range bottom. Immediate barriers lie at 1.6180/1.6200 zone, while only break above 1.6300 would improve near-term structure.

    Res: 1.6178, 1.6207, 1.6215, 1.6232
    Sup: 1.6113, 1.6090, 1.6057, 1.6030

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    USD/JPY

    Continues to trade in 81.30/82.20 consolidative range after recovery from 79.55, 05 May low, was capped at 82.20. Short-term uptrend from 79.55, however, remains intact while main trendline support, currently at 81.40 and 81.30, range floor holds, with clearance of 82.20 sought for fresh leg higher, to focus 82.80/83.09, 27/20 Apr highs, also near Fib 61.8% retracement of 85.50/79.55 decline, break of which to confirm higher low at 79.55 and re-focus 85.50.

    Res: 82.20, 82.80, 83.09, 83.30
    Sup: 81.61, 81.31, 81.15, 80.93

    [​IMG]



    USD/CHF

    Remains on the back foot near-term, after false break above triangle resistance has seen sharp reversal below 0.8800, to test main trendline off 0.8550, record low of 04 May, also Fib 38.2% of 0.8550/0.8944 ascend. Break here would signal top at 0.8944 and focus 0.8745, 20 May low / 50% retracement, ahead of 0.8706/00, 10 may low / 61.8% retracement. To avert immediate downside risk, 0.8860/90 zone must be regained.

    Res: 0.8812, 0.8830, 0.8863, 0.8890
    Sup : 0.8780, 0.8750, 0.8706, 0.8675

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