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Windsor Brokers - Short Term Technical Analysis for Majors (08:00 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 5, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Continues to trend lower, following reversal off key lower top at 1.3360, and break below pivotal 1.3114 low. 1.2935 has been reached so far, en-route to 1.2885/40, 22 Apr 2009 low/trendline off 1.2331, Oct 2008 bottom. 1.2995/1.3047 offers immediate resistance.

    Res: 1.3047, 1.3113, 1.3153, 1.3214
    Sup: 1.2935, 1.2920, 1.2885, 1.2835

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    GBP/USD

    Maintains negative tone after break of trendline drawn off 1.4797 higher low, with fresh 1.5089 low being reached yesterday. Market now looks for test of 1.5042, break of which would re-focus 1.4797/80. Upside, regain of key 1.5389 high is now required to improve outlook.

    Res: 1.5186, 1.5210, 1.5265, 1.5283
    Sup: 1.5089, 1.5075, 1.5042, 1.4929

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    USD/JPY

    Remains bullish after break through long-term falling trendline drawn off 123.95, projecting further gains. Consolidation under 94.97 is forming a likely continuation for a break above 95.07, 61.8% retracement of 101.43/84.80. This opens 95.30/50 first. 94.30 offer initial support.

    Res: 94.97, 95.07, 95.30, 95.50
    Sup: 94.30, 93.83, 93.71, 93.37

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    USD/CHF

    Ascend from 1.0728 higher low has cleared 1.1021, extending gains to 1.1072 thus far. Short-term studies are overstretched, signaling correction. Higher low near 1.0923 is favored, for fresh attempt higher, and above 1.1072 to focus 1.1180, 61.8% of the 1.1966/0.9916 decline.

    Res: 1.1072, 1.1107, 1.1130, 1.1165
    Sup: 1.1000, 1.0976, 1.0923, 1.0887

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