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Windsor Brokers - Short Term Technical Analysis for Majors (08:30 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 7, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Extended losses through a long-term trendline support at 1.2695 to reach fresh low of 1.2515 yesterday, above 1.2455, Mar 2009 major higher low, and key 1.2331, 2008 bottom. Current bounce is seen corrective, ahead of fresh weakness, with 1.2770/1.2857 capping for now.

    Res: 1.2771, 1.2826, 1.2857, 1.2906
    Sup: 1.2583, 1.2555, 1.2515, 1.2455

    [​IMG]


    GBP/USD

    Broke through key 1.4797/80 supports, accelerating losses to 1.4594 today. Bounce emerged from here is seen corrective, while 1.4780, now reverted to resistance, holds. Fresh weakness through 1.4594 to focus 1.4515, with possible extension towards 1.4200zone not ruled out. Above 1.4780, however, to allow stronger correction.

    Res: 1.4780, 1.4932, 1.4951, 1.5011
    Sup: 1.4594, 1.4515, 1.4445, 1.4395

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    USD/JPY

    Collapsed to 87.95 yesterday, breaking below key 88.13 Mar low, before rebounding powerfully to reach 92.77 so far. Dips now need to retain footing over 91.00 to maintain immediate bull tone.

    Res: 92.77, 93.27, 93.52, 93.98
    Sup: 91.52, 90.98, 90.00, 89.70

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    USD/CHF

    Break of a multiweek trendline and bull flag has been driving market higher. 1.1244 high was reached yesterday, ahead of consolidation that precedes a likely push higher, to target 1.1484, 76.4% retracement of 1.1966/0.9916 decline. 1.1015 now buoys advance.

    Res: 1.1180, 1.1244, 1.1262, 1.1335
    Sup: 1.1090, 1.1015, 1.0976, 1.0923

    [​IMG]
     
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