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

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Friday’s break lower from the four day consolidation has extended weakness off 1.3332, 06 Aug peak, to reach 1.2663 so far. Next target stands at 1.2605, 50% retracement of 1.1875/1.3332 upleg, while 1.2770/1.2830 zone caps for now.

    Res: 1.2728, 1.2770, 1.2830, 1.2880
    Sup: 1.2663, 1.2605, 1.2565, 1.2522

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    GBP/USD

    Near-term price action shows a falling trend channel, seen on a four hour chart. Scope is now seen for a rise to 1.5645 channel upper boundary, ahead of fresh weakness. Break here, however, may trigger strength towards 1.5700, key near term resistance.

    Res: 1.5645, 1.5689, 1.5700, 1.5714
    Sup: 1.5460, 1.5440, 1.5350, 1.5335

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    USD/JPY

    Maintains negative tone, with current consolidation within a tightening band likely to precede the next leg lower to 84.00/83.25. Initial support stands at 85.18, ahead of consolidation floor at 84.90/72. Only break above 85.90/86.36 zone would turn focus higher.

    Res: 81.81, 85.90, 86.36, 86.65
    Sup: 85.18, 84.90, 84.72, 84.00

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    USD/CHF

    Continues to trend lower as recovery phase off 1.0256, 19 Aug low, has possibly marked a lower top at Friday’s 1.0391 high, for the next leg lower through 1.0257 to 1.0182, 15 Jan low. Clearance of 1.0391 and 1.0466 is needed to turn the focus higher.

    Res: 1.0393, 1.0430, 1.0465, 1.0505
    Sup: 1.0286, 1.0257, 1.2031, 1.0182

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