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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 1, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Regained strength after the sharp reversal, following an upside rejection at 1.3757, found support at 1.3570. The latest fall has nearly been fully retraced, though clear break above 1.3757 to confirm. Immediate target lies at 1.3784, ahead of 1.3838, 76.4% retracement of 1.4280/1.2872 down move. Longer-term descending trendline, connecting 1.5144 and 1.4280 peaks and currently standing at 1.4044, is seen as key short-term resistance. Downside, 1.3570/39 area offers initial support, and expected to contain dips, to keep immediate bulls in play, otherwise, further losses into 1.34 zone would be likely scenario.

    Res: 1.3757, 1.3784, 1.3824, 1.3838
    Sup: 1.3662, 1.3636, 1.3600, 1.3570

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    GBP/USD
    Has fully retraced the recent leg lower from 1.6058, after finding ground at 1.5750 and fresh bulls breaking through 1.6058, key near-term resistance. This signals an end of corrective phase off 1.6297 and opens way for test of 1.6093, 19 Nov 2011 high and 1.6166, longer term trendline, drawn off 1.7041, 2009 high. Downside, 1.5820/1.5750 underpin the advance and only loss of the latter to weaken short-term structure.

    Res: 1.6078, 1.6093, 1.6166, 1.6200
    Sup: 1.6003, 1.5989, 1.5965, 1.5911


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    USD/JPY
    Recent failure to sustain gains above 83.00 zone has triggered fresh weakness through 82.10, triangle support and attempt through 81.84, key near-term support, to suggest an end of recovery phase from 80.92 and extension of broader downtrend from 84.49, confirming lower top at 83.67, Immediate downside target lies at 80.92, key short-term support , ahead of possible return to 80.24, multi-year low, posted on Nov 2010.open way for retest of 80.92, 03 Jan 2011 low. Upside, 83.20 caps for now.


    Res: 82.14, 82.24, 82.46, 82.70
    Sup: 81.74, 81.67, 80.92, 80.24

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    USD/CHF
    Maintains negative tone after the latest recovery attempt from 0.9301, historical low failed at 0.9782, with subsequent weakness clearing the last support at 0.9413, 76.4% retracement of 0.9301/0.9782 ascend, and opening way for attack at key 0.9301 support. Loss of the latter would signal and extension of the broad downtrend and fresh phase lower to expose psychological levels at 0.9200/0.9100. Only regain of 0.9620/80 would put immediate bears on hold and keep alive hopes of fresh recovery.

    Res: 0.9447, 0.9468, 0.9480, 0.9493
    Sup: 0.9367, 0.9306, 0.9301, 0.9250

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