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Windsor Brokers - Short Term Technical Analysis for Majors (14:30 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 24, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Fresh strength from 1.3525, 22 Feb higher low, peaked at 1.3806, ahead of consolidation. Scope is now seen for upside test of 1.3824, before final push towards 1.3860, 02 Feb high and key near-term resistance. We need to see clear break here to resume broader recovery from 1.2872 and expose 1.3944, 76.4% retracement of 1.4280/1.2872 decline. At the downside, 1.3750/30 offers initial support, while loss of today’s low at 1.3703 would delay immediate bulls.

    Res: 1.3782, 1.3806, 1.3824, 1.3900
    Sup: 1.3750, 1.3732, 1.3703, 1.3680

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    GBP/USD

    Remains capped at 1.6262 after renewed attempt higher stalled at 1.6253 overnight. However, near-term bulls are still in play, with latest reversal from 1.6253 losing the 1.6180 handle, and dipping to 1.6142. Fresh strength needs to regain minimum 1.6215, today’s intraday high, to resume gains for retest of 1.6262 and possible attack at key resistances at 1.6277/97. Otherwise, lower top and fresh weakness towards 1.6142/00, would be the likely scenario.

    Res: 1.6215, 1.6253, 1.6272, 1.6277
    Sup: 1.6142, 1.6124, 1.6100, 1.6075

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    USD/JPY

    Extends weakness from 16 Feb high at 83.96, to break below 81.75, 08 Feb higher low and 76.4% of 81.10/83.96 ascend. Next targets lie at 81.10/80.92, key higher lows, loss of which will signal an end of recovery phase and expose 80.24, 01 Nov 2010 15-year low. At the upside, only regain of 83.00 zone would revive hopes for fresh recovery.

    Res: 82.15, 82.31, 82.63, 82.85
    Sup: 81.64, 81.30, 81.10, 80.92

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    USD/CHF

    Yesterday’s break below 0.9301 has triggered fresh weakness to post a series of record lows. Temporary support was found at 0.9272, with correction to 0.93 zone preceding fresh decline. Near-term studies remain supportive for downside extension into 0.92 initially. However, oversold hourly/daily conditions see scope for stronger correction.

    Res: 0.9309, 0.9327, 0.9345, 0.9390
    Sup: 0.9239, 0.9200, 0.9150, 0.9100

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