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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 10, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Extends recovery from 1.2515, 06 May fresh yearly low, to clear 1.2995, and 1.3035/47, 61.8% retracement of 1.3359/1.2515 decline/04 May intraday high. Break here now seeks for test of 1.3113/48, though overbought hourly studies warn of correction.1.2775 is expected to hold, and potential break lower, however, would delay and risk a test of 1.2609.

    Res: 1.3100, 1.3113, 1.3148, 1.3190
    Sup: 1.2898, 1.2806, 1.2775, 1.2690

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    GBP/USD

    An initial recovery has taken place from last weeks low at 1.4475. This may constitute the first leg higher in a larger correction. Scope is seen for a short-term swing lower, before a potential return to strength.

    Res: 1.4932, 1.5011, 1.5066, 1.5146
    Sup: 1.4759, 1.4706, 1.4643, 1.4573

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    USD/JPY

    Double top at 95.00 and break of a trendline support, sparked a sharp decline to 87.96 on 06 May. A lower rejection there and strong recovery has followed. An hourly bullish consolidation has been confirmed by break above 93.19. Market now focuses 93.98, possibly 95.00 on a break.

    Res: 93.52, 93.98, 94.32, 95.00
    Sup: 92.49, 91.64, 90.98, 90.00

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    USD/CHF

    Extended gains to 1.1244 on 06 May so far, ahead of corrective phase. Higher low is now sought near 1.0925 for a fresh leg higher, and through 1.1244/62 to target 1.1484, 76% retracement of 1.1966/0.9916 decline. Downside, 1.0923/1.0839 zone supports.

    Res: 1.1102, 1.1155, 1.1180, 1.1244
    Sup: 1.0923, 1.0887, 1.0839, 1.0808

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