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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 17, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Bounce off 1.2872 has briefly cleared one month bear channel resistance at 1.3390 to fully retrace1.3431/1.2872 downleg. Failure to sustain gains and break above key short-term resistance at 1.3500, however, opens way for correction, with 1.3200 zone expected to hold, to keep immediate bulls in play. Break through 1.3457/1.3500 area is required to confirm bottom at 1.2872 and open fresh phase higher.

    Res: 1.3384, 1.3400, 1.3431, 1.3457
    Sup: 1.3235, 1.3188, 1.3165, 1.3143

    [​IMG]



    GBP/USD
    Maintains the short-term uptrend from 1.5343/1.5404. Last week’s clearance of 1.5659 extended gains, approaching key near-term resistance at 1.5910, break of which would confirm higher low at 1.5343 and spark further recovery towards 1.60/61 zone. Initial supports lie at 1.5800/1.5770, while further dips should be contained by 1.5720/00, to keep immediate bulls in play.

    Res: 1.5887, 1.5910, 1.5927, 1.5965
    Sup: 1.5834, 1.5809, 1.5779, 1.5717

    [​IMG]



    USD/JPY
    Failure to regain 83.67 high and rejection at 83.48/45 has triggered reversal, with break through 82.67 range bottom and 60 day MA at 82.60, increasing risk of further weakness towards 82.30/00 zone, with 82.40 seen so far. Fresh strength from here needs to clear 83.05/14 to resume towards 83.48/67, break of which will confirm higher low at 82.40.
    Loss of 82.40, however, risks deeper reversal towards 82.00 zone.

    Res: 83.05, 83.14, 83.48, 83.67
    Sup: 82.77, 82.40, 82.30, 82.00

    [​IMG]



    USD/CHF
    Extends reversal after hitting fresh high at 0.9782, on a recovery from 0.9301. Market reached 0.9603 so far, though, while 0.9594, recent range bottom holds, immediate scope remains for fresh attempt higher to retest 0.9762/82 and possible extension of the latest recovery phase. Loss of 0.9594, however, would signal deeper reversal and open 0.9540/0.9485, 50% / 61.8% retracement levels of 0.9301/0.9782 upleg next.

    Res: 0.9685, 0.9735, 0.9762, 0.9782
    Sup: 0.9603, 0.9594, 0.9540, 0.9515

    [​IMG]
     
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