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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Dec 3, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Extends the near-term bulls after yesterday’s spike low to 1.3059 and sharp recovery, sustaining gains above 1.3150/1.3200 resistances, with 1.3246 seen so far. Market looks for test of 1.3300, break of which would open 1.3332, 06 Aug high, and possible extension towards 1.3467, 38.2% retracement of 1.4280/1.2968 decline. Initial support lies at 1.3060/45, while break below key near-term support at 1.2968 would signal continuation of weakness from 1.4280 and expose 1.2643 and 1.2586 short-term.

    Res: 1.3246, 1.3277, 1.3300, 1.3332
    Sup: 1.3186, 1.3150, 1.3060, 1.3045

    [​IMG]


    GBP/USD
    Maintains positive near-term tone off 1.5483 low, interrupted by sharp dip to 1.5510 and reversal. The initial barriers are 1.5666/74, yesterday’s high / 23.6% retracement of 1.6297/1.5483 downleg, break of which is required to continue recovery towards 1.5793, 38.2%. Holding above 1.5510, yesterday’s low / 38.2% retracement of 1.4230/1.6297 ascend is needed to keep immediate bulls in play, while loss of 1.5483 turns the focus lower and opens 1.5448 instead.

    Res: 1.5666, 1.5674, 1.5740, 1.5793
    Sup: 1.5546, 1.5510, 1.5483, 1.5448

    [​IMG]



    USD/JPY
    Trading in a 83.37/84.39 range after multiple failure to break above the latest high at 84.39. Reversal of the daily RSI suggests correction lower and below 83.37 to target 82.80, 60 day MA / 38.2% retracement of 80.24/84.39 ascend, possibly 82.31, 50%, before bulls reassert for fresh push higher. Clearance of 84.39 to open 85.38/90 next.

    Res: 83.95, 84.39, 85.00, 85.38
    Sup: 83.37, 82.93, 82.80, 82.31

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    USD/CHF
    Remains on a back-foot after a failure to hold above 1.00, psychological level. Dip to 0.9887 seen so far, with further weakness expected towards 0.9847, 23 Nov low and 0.9823, 60 days MA, where a fresh strength is expected to emerge. Upside clearance of 1.0064 to resume recovery off 0.9461 and expose 1.0181, 61.8% retracement of 1.0638/0.9461 decline. Loss of 0.9823, however, would weaken the structure.

    Res: 0.9954, 0.9986, 1.0020, 1.0052
    Sup: 0.9887, 0.9847, 0.9823, 0.9796

    [​IMG]
     
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