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Windsor Brokers - Short Term Technical Analysis for Majors (07:30 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jun 23, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Extends reversal after an upside failure at 1.2468 on 21 Jun. Market has so far found support at 1.2243/40, 38.2% retracement of 1.1875/1.2468 upleg / 17 June higher platform, though, risk remains for fresh weakness through 1.2240, to target 1.2162 next. Upside, break above 1.2327/53 zone is needed to ease bear pressure and refocus 1.2468.

    Res: 1.2327, 1.2353, 1.2398, 1.2415
    Sup: 1.2243, 1.2214, 1.2162, 1.2110

    [​IMG]


    GBP/USD

    Reversed lower, following an upside failure at 1.4935 on 21 June. Yesterday’s break below trendline support reached 1.4686, ahead of strong bounce. Today’s break of 1.4854 and pressure at 1.4885 resistances, increases hopes for retest of 1.4935, though, risk of lower top and fresh weakness is not ruled out.

    Res: 1.4885, 1.4935, 1.4965, 1.5005
    Sup: 1.4779, 1.4737, 1.4686, 1.4644

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    USD/JPY

    Recovery off 90.22, 21 June low, stalled at 91.47, falling trendline drawn off 04 Jun high, ahead of reversal. This now seeks a swing low over 90.22, while re-defining a 5 weeks triangle. Bias remains for an eventual downside break.

    Res: 90.78, 91.09, 91.21, 91.47
    Sup: 90.33, 90.22, 89.80, 89.21

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    USD/CHF

    Spiked lower, to post fresh 5 weeks low at 1.0995 on 21 June, before bouncing. Structure so far suggests this is corrective ahead of next downside attempt through 1.0995, towards 1.0924, near 61.8% retracement of 1.0435/1.1730 upleg. Break above 1.1136/54 is needed to trigger fresh strength.

    Res: 1.1136, 1.1154, 1.1225, 1.1249
    Sup: 1.1033, 1.1007, 1.0995, 1.0924

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