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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Dec 7, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Recovery off 1.2968 low broke through falling trendline drawn off 1.4280, to reach 1.3426 so far. Clear break above key 1.3446/65, 16 Nov low/38.2% retracement of 1.4280/1.2968 descend is required to resume recovery and expose 1.3572/1.3622, 12 Nov low / 50% retracement. Failure under 1.3465, however, would signal a lower top ahead of fresh weakness.

    Res: 1.3379, 1.3426, 1.3446, 1.3465
    Sup: 1.3275, 1.3245, 1.3192, 1.3150

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    GBP/USD
    Recent strength off 1.5483 low reached 1.5787, 50% of 1.6093/1.5483 downleg, followed by reversal. Market found support at 1.5654, with renewed attempt higher having cleared 1.5787 and resuming recovery for 1.5838, 16 Nov low and 1.5859, 61.8% retracement, also trendline resistance off 1.6296. Corrective dips should be contained by 1.5700/1.5654, while loss of the latter would sideline near-term bulls.

    Res: 1.5787, 1.5838, 1.5859, 1.5900
    Sup: 1.5700, 1.5654, 1.5610, 1.5580

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    USD/JPY
    Sharp reversal from 84.39/38 double top has so far tested 50% of 80.24/84.39 ascend at 82.31. Negative near-term conditions favor further downside and break through the latter to open way for test of 81.82, 61.8% and 81.64, 12 Nov low. Upside is seen capped by 83.00 for now and possible break here may trigger stronger correction, ahead of fresh weakness. Only regain of 83.83/95 improves the tone.

    Res: 83.02, 83.37, 83.47, 83.83
    Sup: 82.31, 82.03, 81.82, 81.64

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    USD/CHF
    Remains in a near-term downtrend, following reversal from 1.0064, 01 Dec peak, retracing over 61.8% of 0.9546/1.0064 upleg, at 0.9728/24. Corrective bounce from here has left a lower top at 0.9872, with fresh weakness attempting at 0.9724, break of which would open way towards 0.9668 next. Upside remains capped by 0.9872 for now.

    Res: 0.9832, 0.9872, 0.9889, 0.9954
    Sup: 0.9724, 0.9700, 0.9668, 0.9630

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