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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 18, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Bounces off 1.3446 low, after retracing 50% of 1.2643/1.4280 upleg. Immediate resistance at 1.3654 has been tripped, with 1.3763/75, 38.2% retracement of 1.4280/1.3446 / 12 Nov high, along with 1.3836, 20 day MA, expected to limit correction, ahead of fresh weakness. Loss of 1.3446 would attract fresh losses and expose 1.3380/32 next. However, break above 1.3836 would signal the end of the near-term corrective phase.

    Res: 1.3666, 1.3685, 1.3750, 1.3763
    Sup: 1.3574, 1.3512, 1.3446, 1.3380

    [​IMG]




    GBP/USD
    Correction of the latest 1.6183/1.5838 decline attempts through 1.5950/85, recent range bottom, and 1.5994, 20 day MA, to open way for stronger reversal. However, negative tone will dominate as long as 1.6183 remains intact and rejection below here would signal lower top and fresh weakness, with break below 1.5838 needed to continue the near-term downtrend from 1.6296/1.6183.

    Res: 1.5985, 1.5994, 1.6025, 1.6050
    Sup: 1.5885, 1.5838, 1.5804, 1.5761

    [​IMG]



    USD/JPY
    Maintains positive tone off 80.24 yearly low, after break through 82.20, descending channel off 94.97 and 60 day MA at 83.00. Market has so far reached 83.58, just under 83.70, 23.6% retracement of 94.97/83.24 downleg, with minor consolidation under way. While 83.00/82.70 zone holds, immediate scope is seen for fresh push higher and above 84.58 to target 83.85/97. Loss of 82.70, however, would allow stronger correction, with 81.68/64, 20 day MA / 12 Nov low, expected to contain dips, to keep near-term bulls in play.

    Res: 83.58, 83.70, 83.85, 83.97
    Sup: 83.00, 82.83, 82.70, 82.32

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    USD/CHF
    The recent strength off 0.9546 higher low, stalled at 0.9974, just under psychological parity level, also 23.6% retracement of 1.1730/0.9461 downmove, ahead of pullback. Near-term outlook sees risk for further reversal, as first support at 0.9880 has been tripped, with higher low above 0.9760 needed to keep immediate bulls in play. Upside clearance of 0.9974/1.0000 would spark fresh strength, with 1.0044, 50% retracement of 1.0625/0.9461 downleg, possibly 1.0183, 17 Sep high/61.8% retracement.


    Res: 0.9974, 1.0000, 1.0044, 1.0075
    Sup: 0.9827, 0.9795, 0.9760, 0.9721

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