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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jul 2, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Yesterday’s rally cleared key 1.2398 and 1.2468 resistances to complete a continuation that signaled further recovery off 1.1875, 7 Jun yearly low. Lift above 1.2468 has dented 1.2525, opening way for possible test of 1.2671. Downside, 1.2396 offers initial support, while loss of 1.2304 risks fresh weakness.

    Res: 1.2539, 1.2561, 1.2599, 1.2671
    Sup: 1.2462, 1.2432, 1.2396, 1.2304

    [​IMG]


    GBP/USD

    Yesterday's break over 1.5127 negates the earlier wedge formation and brings the upside back in focus. Scope is now seen for fresh gains towards extension through 1.5200 to possible test of 1.5301, 38.2% retracement of 1.7041/1.4230 decline. 1.5127/1.5075 underpins the advance.

    Res: 1.5225, 1.5265, 1.5301, 1.5320
    Sup: 1.5148, 1.5127, 1.5105, 1.5075

    [​IMG]



    USD/JPY

    Maintains negative structure, with break below key medium-term trendline, triggering fresh losses to 86.96 yesterday, ahead of a corrective bounce. Lower top is now required for retest of 86.96, break of which to expose 84.82/83.30 near-term. Break above 88.56/77 would delay immediate bears.

    Res: 88.22, 88.56, 88.77, 88.91
    Sup: 86.96, 86.60, 86.15, 85.86

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    USD/CHF

    Continues to trend lower towards key supports at 1.0503 and 1.0435, where basing is possible. A lower top near 1.0710 is now favored before down. Over a lower ceiling at 1.0749/65 needed to point immediately higher.

    Res: 1.0654, 1.0687, 1.0749, 1.0765
    Sup: 1.0577, 1.0557, 1.0528, 1.0503

    [​IMG]
     
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