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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 2, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Extends gains off 1.3570 higher low, surging through 1.3784, Nov 2010 lower high and 1.38 barrier, to post fresh 3-month high at 1.3860 overnight. Immediate resistances lie at 1.3886 and 1.3938, 76.4% of 1.4280/1.2872, ahead of key longer-term descending trendline, currently at 1.4039. Clearance of the latter will open way for retest of 1.4280, key lower high of the broader downtrend from 1.6039. Bulls are firmly in play, but entering overbought zone, suggesting correction would precede fresh push higher. Downside, 1.3760 offers initial resistance, while loss of 1.37 to sour near-term structure. However, only below 1.3570 would sideline immediate bulls in favor of stronger correction.

    Res: 1.3860, 1.3886, 1.3938, 1.4039
    Sup: 1.3812, 1.3776, 1.3757, 1.3725

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    GBP/USD
    Strong rally from 1.5821, 31 Jan higher low, has so far cleared 1.6058/1.61 barriers, to dent key longer-term trendline resistance at 1.6166. Sustained break here is needed to expose 1.6297, 31 Oct 2010 high and signal resumption of recovery from 1.4230, May 2010 low. Immediate supports lie at 1.6058/15, with dips contained above here, otherwise, potential is for deeper reversal towards 1.59 zone.

    Res: 1.6211, 1.6297, 1.6430, 1.6456
    Sup: 1.6127, 1.6080, 1.6058, 1.6036

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    USD/JPY
    Extends short-term downtrend from 83.67 after the latest recovery attempt failed at 83.20 and fresh weakness broke below 81.84, key near-term support, to reach 81.30, fresh one-month low today. Immediate downside target lies at 80.92, 2011 low and key support, loss of which is expected to open way towards 80.24, Nov 2010 15-years low. Upside, 81.84 offers immediate resistance, while only regain of 83.20 improves short-term structure.

    Res: 81.84, 81.90, 82.14, 82.24
    Sup: 81.30, 81.21, 80.92, 80.52

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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, posting fresh lows en-route to 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. Upside, 0.9450/80 zone caps for now.

    Res: 0.9367, 0.9417, 0.9447, 0.9468
    Sup: 0.9327, 0.9306, 0.9301, 0.9250

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