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

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Broke out of a two week triangle to commence latest bear-leg to towards 1.1823, with fresh annual low of 1.1876 seen so far. Recovery phase is seen limited to 1.1990/1.2045, yesterday’s high / 50% retracement of 1.2214/1.1875 decline, before next downleg towards 1.1823, and a key near-term objective at 1.1640.

    Res: 1.1990, 1.2021, 1.2045, 1.2080
    Sup: 1.1910, 1.1876, 1.1823, 1.1800

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    GBP/USD

    Short-term structure from the recent high at 1.4769 sees potential for a shallow retrace before fresh extension lower. 1.4329 and 1.4247 are seen next, with return to 1.3500 still in play medium-term. Back over 1.4588 delays.

    Res: 1.4561, 1.4588, 1.4605, 1.4687
    Sup: 1.4387, 1.4365, 1.4329, 1.4260

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    USD/JPY

    Extends ranging within a multiweek triangle. Reversal from 92.87 found a short-term support at 90.97 yesterday, ahead of recovery attempts. 92.07/20 area possibly caps these attempts for a fresh weakness to test levels at 90.97 and 90.53. Upside, regain of 92.20 opens 92.87 instead.

    Res: 92.07, 92.20, 92.49, 92.87
    Sup: 91.27, 90.97, 90.86, 90.53

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    USD/CHF

    Friday’s lower rejection at 1.1417 confirms the underlying bull structure, with 1.1673 high reached yesterday, ahead of a minor ease and consolidation. Clearance of 1.1673 will pivot the market towards 1.1730 ahead of the key trendline resistance at 1.1782. Immediate support stands at 1.1583/56.

    Res: 1.1672, 1.1694, 1.1730, 1.1782
    Sup: 1.1583, 1.1556, 1.1531, 1.1495

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