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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jun 8, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Corrects the latest upleg from 1.4560 higher low, as gains lost traction just under 1.4700 barrier. Break of 20 day MA at 1.4615 and brief probe below 1.4600 handle may open way for extension towards 1.4660, key near-term support, loss of which would signal near-term top ahead of stronger reversal towards 1.4520/1.4450, near Fib 50% / 61.8% of 1.4306/1.4697 ascend. Higher low above 1.4560, however, would signal a resumption of short-term uptrend, with clearance of 1.4700//20 needed to confirm and expose 1.4750 next.

    Res: 1.4687, 1.4695, 1.4705, 1.4720
    Sup: 1.4600, 1.4560, 1.4520, 1.4450

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    GBP/USD

    Pullback from 1.6471, today’s high, is currently attempting through main trendline support off 1.6057, at 1.6366, sidelining the near-term positive tone in favor of possible attempt at 1.6323/1.6285, key near-term supports, loss of which would signal an extension of downtrend from 1.6546, 31 May high and turn focus towards 1.6250/00 zone. On the upside, 1.6400, today’s intraday low / 20 day MA, is expected to cap.

    Res: 1.6388, 1.6400, 1.6453, 1.6471
    Sup: 1.6323, 1.6300, 1.6285, 1.6250

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    USD/JPY

    Extends short-term downtrend from 82.20/81.76 highs, after break below 80.00 psychological support reached 79.68, just ahead of key support at 79.55, 05 May low. Loss of the latter to signal an end of recovery phase and confirm lower top at 82.20, ahead of fresh weakness towards 79.06 next. Some corrective action may be seen on oversold near-term studies, with initial resistance at 80.30 zone and 80.70 expected to cap.

    Res: 80.00, 80.26, 80.38, 80.50
    Sup: 79.68, 79.55, 79.06, 78.82

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    USD/CHF

    Trades in a narrow consolidative mode, just above 83.25, fresh all-time low, with near-term outlook still under pressure, as 0.8400 zone caps. Overextended daily studies see potential for stronger correction, with break above 0.8400/50 needed to ease immediate bear pressure. On the downside, loss of 0.8325, would open 0.8300/0.8250 next.

    Res: 0.8389, 0.8400, 0.8420, 0.8450
    Sup: 0.8325, 0.8300, 0.8250, 0.8200

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