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Windsor Brokers - Short Term Technical Analysis for Majors (09:00 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 19, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Fresh weakness emerged after yesterday’s break through 1.3656/39 key support, extending losses to 1.3586 thus far. This opens way for test of 1.3543/29, 10/05 Mar low and possible attempt at 1.3433 range low. Upside, for now, remains capped by 1.3694 and only clear break here to improve the tone and turn focus to 1.3815.

    Res: 1.3645, 1.3694, 1.3727, 1.3739
    Sup: 1.3586, 1.3575, 1.3543, 1.3529

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    GBP/USD

    Extended correction off 1.4780 to reach 1.5380 on 17 Mar, retracing between 50% and 61.8% of 1.5814/1.4780 downleg, ahead of the latest reversal. Hourly studies now favor further weakness, after loss of1.5217/06 support zone. Next targets seen at 1.5087/55, ahead of key 1.4976, 16 Mar higher low. Only regain of 1.5250/80 area to delay.

    Res: 1.5255, 1.5278, 1.5305, 1.5327
    Sup: 1.5162, 1.5087, 1.5055, 1.4976

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    USD/JPY

    Remains constructive off 88.13, yearly low, posted on 04 Mar. Yesterday’s dip under 89.98 support left a lower rejection at 89.74, just above key 89.62, 09 Mar low. This confirms a positive bias for test 91.08, range ceiling, also trendline resistance. Potential break here to open 92.13, 19 Feb high, near-term.

    Res: 90.85, 91.08, 91.22, 91.35
    Sup: 90.05, 89.75, 89.62, 89.45

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    USD/CHF

    Corrective rally off 1.0505, 17 Mar low/near 50% retracement 1.0129/1.0897 upleg, stalled at 1.0648, just shy of 1.0656, 50% retracement of 1.0808/1.0507 decline. The near-term structure remains negative, and break below 1.0532 to open for 1.0483/47 next.

    Res: 1.0621, 1.0645, 1.0656, 1.0676
    Sup: 1.0532, 1.0505, 1.0497, 1.0481

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