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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jun 22, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Trades is a narrow range, currently hovering around 1.4400 level, after renewed upside attempt at fresh high at 1.4431 stalled at 1.4418. However, downside remains well supported at 1.4350 for now. Hourly chart shows creation of triangle, with upper boundary at 1.4405 to be cleared for fresh attempt at 1.4431 and possible extension to 1.4456, Fib 61.8% of 1.4695/1.4073 downleg and 1.4500, key near-term barrier. On the downside, loss of 1.4350 zone, previous lows / triangle support, would signal stronger correction ahead.

    Res: 1.4418, 1.4431, 1.4456, 1.4480
    Sup: 1.4355, 1.4344, 1.4314, 1.4305

    [​IMG]


    GBP/USD

    Has ran out of steam again, as renewed attempt through 1.6250, yesterday’s high / Fib 38.2% of 1.6545/1.6077 failed, with subsequent fall nearly fully retracing the near-term 1.6077/1.6260 recovery, hitting 1.6092 low so far. This suggests a fresh extension of the broader downtrend from 1.6545, with loss of 1.6077 to open 1.6057/00 next. Oversold hourly studies see scope for corrective action, with 1.6190/1.6200 zone expected to cap.

    Res: 1.6136, 1.6166, 1.6192, 1.6215
    Sup: 1.6092, 1.6077, 1.6057, 1.6000

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    USD/JPY

    Continues to trade in a narrow consolidative range after losses from 81.05, 15 June high, found support at 80.00, psychological support. Near-term studies keep the downside favored, while 80.33/36 highs, limiting the upside. Renewed attempt at 80.00 support increases risk of further weakness and below the latter to open 79.68/55, possibly 79.06, 18 Mar low, on a break.

    Res: 80.24, 80.35, 80.47, 80.92
    Sup: 80.00, 79.68, 79.55, 79.06

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    USD/CHF

    Near-term structure remains weak after recovery attempt from record low at 0.8325, stalled at initial barrier at 0.8550 and subsequent reversal lost 0.8466/40 handles, to test 0.8400 support. Hourly / 4 hour studies favor further weakness while 0.8450, 20 day MA / yesterday’s high, cap, with loss of 0.8400 to expose 0.8345/25 for retest. Only break above 0.8514 would improve near-term tone, but clearance of 0.8550 is required to confirm and open 0.8600 next.

    Res: 0.8450, 0.8473, 0.8514, 0.8550
    Sup: 0.8398, 0.8345, 0.8325, 0.8300

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