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Windsor Brokers - Short Term Technical Analysis for Majors (14:00 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Dec 28, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    The latest descend off 1.3497 has so far found support at 1.3054, with fresh attempt higher under way. Clearance of 1.3200 resistance sidelined immediate risk of retest of 1.2968 key support, turning the near-term focus higher. 1.3273 reached so far, that also marks 50% retracement of 1.3497/1.3054 downleg. However, break above 1.3358 lower top is needed to resume recovery and open 1.3497.

    Res: 1.3273, 1.3327, 1.3358, 1.3377
    Sup: 1.3158, 1.3128, 1.3078, 1.3054

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    GBP/USD

    Weakness off 1.5910, 14 Dec lower high, broke through 1.5483 previous low, extending losses through 1.5392, 200 day MA, to 1.5355 so far. While 1.5645 caps corrective attempts, risk remains for fresh push lower, and loss of 1.5355 to expose 1.5295, key medium-term support. Above 1.5645, however, would allow for stronger correction towards 1.5694, 61.8% retracement of 1.5910/1.5355 downleg.

    Res: 1.5510, 1.5566, 1.5575, 1.5645
    Sup: 1.5468, 1.5411, 1.5368, 1.5355

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    USD/JPY

    Continues to trend lower after an upside failure at 84.49. Key near-term supports at 82.83/33 have been lost, with brief break through 61.8% retracement of 80.24/84.49 at 81.97and 81.90, main trendline support drawn off 80.24, suggesting further weakness towards 81.60/00 zone next. Immediate resistances lie at 83.16/38 and only break above the latter to ease bear pressure.

    Res: 82.33, 82.83, 83.16, 83.38
    Sup: 81.82, 81.60, 81.06, 80.55

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    USD/CHF

    Recovery attempt from 0.9495 has been short-lived as market failed to sustain gains above 0.9640, with sharp reversal followed. Break below 0.9495 and historical low and 2010 low at 0.9461 suggests fresh bear phase, while only regain of 0.9660/0.9732 would provide relief.

    Res: 0.9518, 0.9534, 0.9563, 0.9577
    Sup: 0.9461, 0.9452, 0.9432, 0.9410

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