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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 3, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Retraces the latest rally off 1.3082 that hit a fresh three-weeks high at 1.3423 on 31 Dec. Over 50% has so far been retraced at 1.3249, ahead of correction. Lower top under 1.3360/82 zone will confirm the continuation of the bear phase from 1.3497 lower top, and break below 1.3249 to target 1.3231, 120 day MA and 1.3212, 61.8% of 1.3082/1.3423 upleg. Below here, next strong supports lie at 1.3085/54, 200 day MA / 23 Dec higher low, break of which exposes key near-term support at 1.2968. Only regain of 1.3423 will signal further recovery and open 1.3497 next.

    Res: 1.3360, 1.3382, 1.3423, 1.3440
    Sup: 1.3249, 1.3231, 1.3212, 1.3200

    [​IMG]



    GBP/USD
    Recovery attempt off 1.5343/66 peaked at 1.5659 on 31 Dec, ahead of sharp reversal. Market has so far retraced over 61.8% of the original move, reaching fresh low of 1.5471 today, just above 90 day MA at 1.5465. Hourly structure remains negative, with 1.5431 seen next, ahead of possible retest of 1.5366/43 key support zone, loss of which will confirm lower top at 1.5659 and signal resumption of corrective reversal from 1.6293, November’s peak. Upside remains capped by 1.5561/84, while break above 1.5659 is required to resume recovery off 1.5343.

    Res: 1.5561, 1.5584, 1.5621, 1.5659
    Sup: 1.5471, 1.5431, 1.5366, 1.5343

    [​IMG]


    USD/JPY
    Loss of key near-term support at 82.33 has triggered further weakness from 84.49 to retrace over 76.4% of 80.24/84.49 ascend at 80.92, and confirm the double top. Immediate target now lies at 80.52, 09 Nov higher low, ahead of key support at 80.24, break of which will open way for retest of 79.75, 1995 historical low. To ease immediate bear pressure, 81.84 must be regained, with sustained break here to trigger fresh recovery towards 82.28/52.

    Res: 81.84, 82.28, 82.52, 82.80
    Sup: 80.92, 80.52, 80.00, 79.75

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    USD/CHF
    Extended the broader fall from 1.0064/0.9916, breaking through 2010 low at 0.9461, to reach fresh all time low at 0.9301. Correction on oversold conditions is under way, with immediate cap standing at 0.9530, with lower top expected to precede fresh weakness through 0.9301 towards 0.9230/0.9155 projected levels. Only regain of 0.9663 would provide short-term relief.

    Res: 0.9416, 0.9432, 0.9468, 0.9530
    Sup: 0.9345, 0.9301, 0.9230, 0.9200

    [​IMG]
     
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