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Windsor Brokers - Short Term Technical Analysis for Majors (10:00 GMT)

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Reversal from Friday’s 1.4280 high broke through 1.4040 trendline support drawn off 1.3733 higher low, to turn focus lower. Market has so far retraced over 61.8% of 1.3733/1.4280 upleg, with 1.3863, monthly low targeted, ahead higher platform at 1.3807, and possible retest of key 1.3733 support. Today’s high at 1.4083, caps for now.

    Res: 1.3976, 1.4083, 1.4185, 1.4248
    Sup: 1.3880, 1.3862, 1.3845, 1.3807

    [​IMG]


    GBP/USD
    Remains capped by key trendline drawn off 1.7041, currently at 1.6325, as upside attempt failed at 1.6296. Subsequent pullback is seen corrective while 1.6031/05 supports hold, with scope seen for higher low, ahead of fresh strength. Clearance of 1.6296 and trendline is needed to resume an uptrend from 1.4230. Loss of 1.6031/05, however, would suggest a deeper correction and open 1.5876 near-term.

    Res: 1.6165,1.6207, 1.6259, 1.6296
    Sup:1.6088, 1.6031, 1.6005, 1.5960

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    USD/JPY
    Corrective/consolidative phase off 80.24, fresh yearly low, remains capped by 81.59/57, as the latest attempt higher failed at 81.46. Higher platform at 80.57 supports for now, with break through 81.59 and 81.97, 27 Oct high, needed to extend recovery. However, underlying bear trend favors lower top, ahead of fresh weakness through 80.57/24, to expose key long-term support and historical low of 79.75.

    Res: 81.46, 81.59, 81.79, 81.97
    Sup: 80.98, 80.57, 80.45, 80.24

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    USD/CHF
    Recovery off 0.9461, 14 Oct annual low, stalled at 0.9969, just under 60 day MA, ahead of strong reversal, with 0.9546 low seen so far, near 76.4% retracement of 0.9461/0.9969 upleg. Following the potential five-wave decline, lower top below 0.9735 and fresh weakness towards 0.9461 would be the likely scenario.

    Res: 0.9693, 0.9735, 0.9768, 0.9797
    Sup: 0.9600, 0.9566, 0.9546, 0.9461

    [​IMG]
     
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