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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 21, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Attempts to hold gains above 1.35 level, with 1.3566 seen so far, just under 1.3575, 50% retracement of 1.4280/1.2873 decline. Break here would suggest further strength developing and target key resistances at 1.3738 and 1.3784, 61.8% / 22 Nov 10 lower high. Potential rejection at/below 1.3566/75 zone may signal reversal preceding rally, while loss of 1.34 zone would delay near-term bulls.

    Res: 1.3566, 1.3575, 1.3632, 1.3738
    Sup: 1.3460, 1.3448, 1.3395, 1.3355

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    GBP/USD
    Upside rejection above 1.60 has triggered sharp pullback to 1.5837, just above 1.5808, 38.2% Fibonacci retracement of 1.5404/1.6058 upleg, where the temporary support was found. 1.60 level now offers strong resistance and failure to break higher would signal stronger correction, with loss of 1.5837/08 to target 1.5732/17 next. Clearance of 1.60 and 1.6035 turn focus higher and potential break above 1.6058 to target 1.6095 next.

    Res: 1.5996, 1.6008, 1.6035, 1.6058
    Sup: 1.5943, 1.5880, 1.5866, 1.5837

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    USD/JPY
    Break below 82.00 level was short-lived after support was found at 81.84 and fresh strength emerged, reversing over 61.8% of the latest 83.67/81.84 decline and regaining key near-term barrier at 83.05. This signals fresh near-term bull’s extension towards 83.45 and possible retest of 83.67, break of which to confirm higher low and resume recovery from 80.92 towards key short-term resistance at 84.49. However, correction from 83.11 yesterday’s fresh high, should hold above 82.60/50 to maintain immediate bulls.

    Res: 82.93, 83.11, 83.45, 83.67
    Sup: 82.52, 82.32, 81.84, 81.67

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    USD/CHF
    Extends reversal, following the upside failure of the recent recovery attempt from 0.9301 at 0.9782. Over 50% has so far been retraced at 0.9518, where temporary support was found. Recovery has so far reached 0.9683, 61.8% retracement of 0.9782/0.9518 decline, ahead of pullback on overbought hourly conditions. Dips need to hold above 0.96 area to keep near-term bulls in play for fresh push higher, with regain of 0.9683 to focus 0.9762/82. Loss of 0.96/0.9580 would however, signal a resumption of short-term downtrend from 0.9782 and bring retest of 0.9518, key near-term support.

    Res: 0.9645, 0.9683, 0.9724, 0.9763,
    Sup: 0.9580, 0.9525, 0.9518, 0.9485

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