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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Sep 6, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Extends correction off 1.2586/1.2625, 24/31 Aug lows, with market currently attempting 1.2920/31, a break of which opens 1.2957, 50% retracement off 1.3332/1.2586 downleg. Near-term outlook sees scope for lower high, and loss of 1.2855 to open 1.2775 next. Upside, sustained break above 1.2957 would eye 1.2999/1.3045 instead.

    Res: 1.2920, 1.2931, 1.2999, 1.3045
    Sup: 1.2855, 1.2810, 1.2775, 1.2741

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    GBP/USD

    Correction off 1.5325, 31 Aug low faces strong resistance at 23.6% retracement of 1.5997/1.5325 downleg, as market attempts for the second time. Scope is seen for higher low into 1.5500 zone, to extend underlying downtrend, with 1.5385/50 seen first, ahead of eventual attempt at 1.5325. Only regain of 1.5596, 26 Aug former high, would improve the outlook.

    Res: 1.5490, 1.5543, 1.5573, 1.5596
    Sup: 1.5385, 1.5350, 1.5336, 1.5325


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    USD/JPY

    Undergoes range trading off 83.58/66, recent congestive lows, following Friday’s upside rejection at 85.21 and sharp reversal. Upside break above 85.21/89 is now required to resume recovery and expose key near-term resistance at 86.39, break of which would improve the outlook. Loss of 83.58/51, 24 Aug/02 June 1995 lows, however, will signal bear-trend resumption and target 83.00/82.30.

    Res: 84.52, 84.67, 85.00, 85.19
    Sup: 83.98, 83.66, 83.51, 83.10

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    USD/CHF

    Remains in a corrective mode off 1.0063, 01 Sep low, also multimonth triangle support. Friday’s attempt higher resulted in an upside rejection and sharp reversal, signaling resumption of the underlying bear tone. Upside for now remains capped by 1.0237/1.0306, favoring fresh attempt at 1.0063, break of which would trigger a broader weakness. Only sustained break above 1.0306, would delay and allow for stronger correction.

    Res: 1.0186, 1.0224, 1.0237, 1.0250
    Sup: 1.0119, 1.0093, 1.0063, 1.0027

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