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Windsor Brokers - Short Term Technical Analysis for Majors (07:45 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 13, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Maintains negative structure off 1.3093, with market now pressuring 1.2602. Trendline off 1.2515 so far held the downside attempts, and currently standing at 1.2628. Break below here and 1.2602 is required to attract 1.2515, possibly the key support at 1.2455/1.2313 on a break. Upside, 1.2760/1.2807 offer initial resistance, and pivot remains at 1.3093.

    Res: 1.2738, 1.2760, 1.2807, 1.2815
    Sup: 1.2628, 1.2602, 1.2569, 1.2515

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    GBP/USD

    The latest gains off 1.4719, yesterday’s higher low, reached 1.5044, just below 1.5052, previous high, ahead of sharp reversal. If 1.5044 confirmed as lower top, then, likely scenario will be retest of 1.4475 and possible further weakness towards 1.3500 zone. Break above 1.5044/52, however, would resume the near-term uptrend from 1.4475.

    Res: 1.5005, 1.5044, 1.5052, 1.5081
    Sup: 1.4813, 1.4788, 1.4759, 1.4719

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    USD/JPY

    Continues to extend recovery off 87.96, yearly low, posted on06 May. An hourly bull flag has now been completed and a break above 93.52 now looks for an extension to 93.98/94.32, possibly even 94.98 on a break. 93.05 offers immediate support.

    Res: 93.98, 94.32, 94.50, 94.98
    Sup: 93.05, 92.80, 92.18, 91.64

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    USD/CHF

    Remains positive off 1.0923 higher low, with market currently forming a bull flag. Earlier corrective channel break also signals strength. Break above 1.1137 is needed to open 1.1244, ahead of fresh strength towards near-term target at 1.1484. Downside, 1.1034 supports.

    Res: 1.1137, 1.1155, 1.1180, 1.1244
    Sup: 1.1034, 1.1014, 1.0954, 1.0923

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