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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 10, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Continues to channel higher off 1.3507, 07 Feb low, after fresh strength emerged from 1.3610, yesterday’s higher platform. Clearance of previous high at 1.3687 has so far reached 1.3743, following break through 1.3724 barrier, 61.8% retracement of 1.3860/1.3507 downleg. Corrective pullback needs to hold above 1.3660, trendline connecting 1.3507 and 1.3610, to maintain immediate bulls for upside extension through 1.3743 to test 1.3766/76, 02 Feb low / channel resistance, break of which would signal return to 1.3824 and key near-term resistance at 1.3860. At the downside, 1.3610/1.3590 zone offers strong support and possible break lower will sideline near-term bulls and re-expose 1.3507. Loss of the latter to confirm lower top at 1.3643 and resume correction from 1.3860.

    Res: 1.3730, 1.3743, 1.3766, 1.3776
    Sup: 1.3660, 1.3610, 1.3590, 1.3570

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    GBP/USD
    Continues to trade sideways after upside rejection under key 1.6297 resistance at 1.6277 and subsequent reversal has so far found support at 1.6030/20 zone. Near-term structure off 1.5750 remains supportive while above 1.6010/1.5990, 50% retracement of 1.5750/1.6277 / 20 day MA, with loss of the latter to open way for further reversal and expose 1.5953, 61.8%, possibly 1.5821, 31 Jan higher low, on a break. At the upside, clearance of 1.6161/84 is required to resume bulls towards keys resistance zone at 1.6277/97 and open fresh phase higher.

    Res: 1.6123, 1.6160, 1.6184, 1.6228
    Sup: 1.6035, 1.6027, 1.6015, 1.6002

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    USD/JPY
    Bounce off 81.10, 04 Feb fresh low, keeps near-term focus at the upside after temporary support was found at 82.19 yesterday, and clearance of previous high at 82.65 looking for further extension to test 83.00/20 zone. Break here is required to confirm higher low at 81.10 and look for test of 83.67, to open key short-term resistance at 84.49, break of which will signal an extension of recovery attempt from 80.24, 01 Nov 2010 low. Immediate support lies at 81.76 and loss here to re-expose 81.10/80.92, key near-term support zone.

    Res: 82.71, 83.08, 83.20, 83.67
    Sup: 82.49, 82.19, 81.99, 81.76

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    USD/CHF
    Extends near-term recovery from 0.9327, to break above 0.9607, 61.8% of 0.9782/0.9327 decline, and reach 0.9659 so far, just under of 0.9672/85, 76.4% / 21 Jan previous high, ahead of correction. Loss of initial support at 0.96 zone has seen reversal to 0.9550, where a support was found for now, with fresh strength aiming at 0.9659/85, with break above the latter to focus key near-term resistance zone at 0.9762/84, clearance of which is required to resume recovery from 0.9301, 31 Dec 2010 historical low. At the downside, 0.9550/21 area need to hold to maintain immediate bulls, otherwise, deeper reversal into 0.9490/55 would be likely scenario.

    Res: 0.9627, 0.9659, 0.9672, 0.9685
    Sup: 0.9550, 0.9522, 0.9490, 0.9455

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