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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 27, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Yesterday’s brief break above 1.37 level was followed by narrow consolidation. Near-term outlook remains firm, with fresh push higher expected. First target lies at 1.3738, 61.8% retracement of 1.4280/1.2873 downleg, and the next one at 1.3784, 22 Nov 2010 high. Clearance of the latter would open way for test of 1.4050, longer-term descending trendline off 1.5140. Downside, 1.3530/00 zone underpins the advance.

    Res: 1.3727, 1.3738, 1.3784, 1.3824
    Sup: 1.3640, 1.3605, 1.3573, 1.3539

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    GBP/USD
    Trades in a near-term recovery mode after the recent sharp pullback off 1.6016 found support at 1.5750. Over 61.8% of 1.6016/1.5750 decline have been recovered for now, after market regained 1.5900/20 levels, with 1.5953, 76.4% retracement, seen next. However, risk of fresh weakness remains while 1.6016 intact, and break above the latter needed to confirm higher low at 1.5750 and open way for retest of 1.6058, key near-term resistance.

    Res: 1.5942, 1.5953, 1.6016, 1.6035
    Sup: 1.5895, 1.5846, 1.5768, 1.5750

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    USD/JPY
    Maintains short-term downtrend from 83.67 after the recent recovery attempt from 81.84 higher low failed at 83.11, leaving a lower top, ahead of fresh weakness. 82.00/81.84 support zone, holds for now, and break here required to resume bears to 81.67 and possible retest of 80.92, year- to-day low. Upside, sustained break above 83.11 is required to spark fresh recovery and expose key near-term resistances at 83.45/67.

    Res: 83.11, 83.45, 83.67, 84.19
    Sup: 81.97, 81.84, 81.67, 81.51

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    USD/CHF
    Extends the downtrend from 0.9685 lower high, with loss of 1.9500 support and yesterday’s recovery failure at 0.9521, accelerating losses to 0.9399 so far. Recovery attempts are seen capped by 0.9497, trendline resistance and 0.9518/25 zone for now, with negative short-term outlook bringing retest of 0.9301, historical low in focus. Only break above 0.9520 would signal further recovery, though regain of 0.9575/0.9600 needed to confirm.

    Res: 0.9470, 0.9493, 0.9520, 0.9550
    Sup: 0.9425, 0.9399, 0.9365, 0.9336

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