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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 3, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Surge through 1.3889/1.3900 highs has cleared 1.3950 Fibonacci 76.4% level, extending gains to 1.3969, en-route to 1.40 barrier. Near-term studies are supportive but overbought conditions suggest correction preceding fresh rally. Immediate support at 1.3890/80, while below 1.3830 to risk deeper pullback into 1.38/1.3745.

    Res: 1.3969, 1.4000, 1.4083, 1.4100
    Sup: 1.3940, 1.3890, 1.3845, 1.3803

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    GBP/USD

    Has posted a fresh high at 1.6342 after pullback from double top at 1.6328 reached 1.6215, 38.2% retracement of 1.6030/1.6328 ascend, where good support was found. Brief break above 1.6328 has seen 1.6342, ahead of reversal to 1.6257, before test of 1.63 handle. Clearance of 1.6330/42 is needed to resume higher, while 1.6215 offers initial support, and possible loss here to signal a pause in current rally, in favor of stronger correction.

    Res: 1.6331, 1.6342, 1.6371, 1.6456
    Sup: 1.6257, 1.6245, 1.6215, 1.6185

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    USD/JPY

    Extends near-term strength after bouncing from 81.57, trendline support, and clearance of 82.00/10 barrier, attempting through 82.23, previous high. This will turn immediate tone positive and look for fresh correction towards 82.90/83.05, break of which to sideline immediate bears. At the downside, 81.75 needs to hold.

    Res: 82.48, 82.75, 82.90, 83.05
    Sup: 82.10, 81.76, 81.57, 81.10

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    USD/CHF

    The latest bounce from 0.9200, fresh record low, attempts at 0.9320 resistance, clearance of which is needed to spark fresh recovery and open 0.9390/0.9406, 23 Feb high / 38.2% retracement of 0.9737/0.9200 downleg, and above here to focus 0.9470/0.9504 next. Early upside rejection, however, risks a lower top and resumption of the broader downtrend.

    Res: 0.9320, 0.9390, 0.9406, 0.9470
    Sup: 0.9232, 0.9221, 0.9200, 0.9150

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