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Windsor Brokers - Short Term Technical Analysis for Majors (08:15 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jul 8, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Break above triangle, seen last week, and yesterday’s break above 1.2610, sustain recovery for the latest attempt at key 1.2671 resistance. Clear break here opens 1.2738/60 next. Downside, immediate support stands at 1.2620, while potential break below 1.2552 risks fresh near-term bears.

    Res: 1.2686, 1.2704, 1.2738, 1.2760
    Sup: 1.2619, 1.2585, 1.2552, 1.2508

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    GBP/USD

    Upside rejection at 1.5228 has triggered reversal that found support at 1.5080 yesterday, ahead of fresh strength. Market now consolidated just under 1.5228, break of which is required for final push towards 1.5301, 38.2% retracement of 1.7044/1.4230.

    Res: 1.5239, 1.5265, 1.5301, 1.5345
    Sup: 1.5155, 1.5080, 1.5041, 1.5000

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    USD/JPY

    Dipped to 87.01 yesterday, just above 86.96, 01 Jul annual low. A corrective bounce is now being seen following the breach at 87.66. Potential is now for an extension to 88.77/91, before fresh downleg, and below 86.96 to expose 86.15.

    Res: 88.45, 88.56, 88.77, 88.91
    Sup: 87.62, 87.34, 86.96, 86.60

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    USD/CHF

    Has completed a 3 day bear flag as the market continues to trend lower towards key support at 1.0435. Market reached 1.0480, ahead of minor correction, with 1.0561 expected to cap. However, break above here may signal basing and open stronger correction.

    Res: 1.0561, 1.0599, 1.0637, 1.0655
    Sup: 1.0480, 1.0435, 1.0400, 1.0365

    [​IMG]
     
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