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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Apr 21, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Corrective bounce off 1.3416, 19 Apr low, stalled at 1.3520 yesterday, just under 38.2% retracement of 1.3691/1.3416 decline. Fresh decline is now under way, as market clears 1.3416, break through 1.3366/40 would target key near-term trendline support at 1.3300. Lower top is seen preceding downmove. Only break above 1.3520 firms.

    Res: 1.3448, 1.3501, 1.3520, 1.3544
    Sup: 1.3397, 1.3366, 1.3340, 1.3300

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    GBP/USD

    Daily structure may have seen the completion of a three legged correction off 1.4780, 2010 low, posted on 01 Mar. Further resistance to strength may be provided by 1.5463, daily trendline resistance, drawn off 1.6456, 19 Jan yearly high, ahead of 1.5520 15 Apr peak.

    Res: 1.5410, 1.5431, 1.5448, 1.5472
    Sup: 1.5330, 1.5287, 1.5256, 1.5190

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    USD/JPY

    Correction off 94.77, 05 Apr high, dipped to 91.58, ahead of strong bounce. Clearance of 93.10/18, previous peak/trendline resistance, now focuses 93.51/77, possibly 94.25 on a break. 92.50 area supports the advance for now.

    Res: 93.39, 93.51, 93.77, 94.25
    Sup: 92.95, 92.56, 92.10, 91.58

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    USD/CHF

    Remains constructive off 1.0500, 14 Apr low, with yesterday's higher rejection at 1.0600 now underpinning a fresh attempt at 1.0750/61. Clearance here projects significant near-term gains. Loss of 1.0620/00, however, weakens the outlook.

    Res: 1.0689, 1.0713, 1.0750, 1.0761
    Sup: 1.0658, 1.0620, 1.0600, 1.0586

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