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Windsor Brokers - Short Term Technical Analysis for Majors (13:30 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jun 7, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Continues to trend higher after leaving a higher low at 1.4560 yesterday, with fresh gains through 1.4656, previous high, extending to 1.4680 so far. Near-term studies are supportive but overextended, suggesting corrective/consolidative action ahead of attempt at targets at 1.4700/17, Fib 76.4% / 05 May high, then 1.5750 zone, 03 May lows. Hourly 20 day MA at 1.4615, maintains immediate bull tone, with support at 1.4560 zone, expected to contain dips.

    Res: 1.4680, 1.4700, 1.4720, 1.4750
    Sup: 1.4647, 1.4600, 1.4560, 1.4520

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    GBP/USD

    Improves the near-term outlook after today’s bounce from 1.6323, day’s low, exceeded previous high at 1.6459, with subsequent correction being contained above 1.6400. Hourly studies see scope for fresh attempt higher, with clearance of today’s high at 1.6471 sought for possible attempt at 1.6500/46. Downside remains supported at 1.6400/1.6380 for now and only loss of the latter to weaken the near-term structure for possible test of 1.6300 zone, key short-term support.

    Res: 1.6471, 1.6494, 1.6546, 1.6573
    Sup: 1.6408, 1.6380, 1.6352, 1.6323

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    USD/JPY

    Trades in a narrow consolidative range after decline from 82.20/81.76 highs tested 80.00 support. Short-term structure remains bearish, with corrective attempts seen capped at 80.70 zone. Loss of 80.00, psychological level, also near Fib 38.2% of 79.32/85.50 upleg, would signal further weakness towards 79.55/79.06 next.

    Res: 80.38, 80.50, 80.70, 81.00
    Sup: 79.96, 79.55, 79.06, 78.82

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    USD/CHF

    Remains under pressure after recovery attempt from fresh historical low at 0.8326 was capped at 0.8384, followed by fresh weakness. The latest bounce higher, after retesting 0.8326, signals possible near-term basing attempt in play, as overextended daily studies see potential for correction, however, break above 0.8400/20 is needed to ease immediate bear pressure. On the downside, loss of 0.8326, would open 0.8300/0.8250 next.

    Res: 0.8384, 0.8400, 0.8420, 0.8450
    Sup: 0.8326, 0.8300, 0.8250, 0.8200

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