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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 9, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Recovery attempt from today’s low at 1.3854 peaked at 1.3940, with subsequent reversal back to 1.39 zone. This is seen as correction of the broader downmove from 1.4035 while 1.3940 caps, with risk of return to 1.3860 support zone and possible extension to 1.3830, 03 Mar low and 1.3803, 38.2% Fibonacci retracement. Break above 1.3940, however, will signal fresh recovery under way and expose 1.3955/87 instead.

    Res: 1.3940, 1.3955, 1.3987, 1.4013
    Sup: 1.3860, 1.3845, 1.3803, 1.3725

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    GBP/USD

    Pullback from 1.6234 high extended losses to 1.6124, just above trendline connecting 1.5750 and 1.6030, followed by a bounce. Clearance of 1.6205 resistance reached 1.6241, over 50% of the latest 1.6234/1.124 downleg, where a temporary ceiling was found. Immediate pullback is seen corrective while 1.6169, 20 day MA holds, with higher low to precede fresh attempt higher. Above 1.6241 to expose 1.6257, 61.8% and confirm near-term floor ahead of attempt towards 1.6342. Loss of 1.6169/24 supports, however, will signal a fresh leg lower and focus 1.6030, 25 Feb higher low.

    Res: 1.6218, 1.6241, 1.6257, 1.6287
    Sup: 1.6169, 1.6139, 1.6124, 1.6089

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    USD/JPY

    Maintains near-term positive tone after sharp reversal from 83.05 spike high found support at 81.94. Market has so far reached 82.92, just ahead of key 83.05 barrier, also 61.8% retracement of 83.96/81.57 decline, break of which is needed to resume recovery and expose 83.52/96, with possible attempt at 84.49, key short-term resistance. Failure under 83.05, however, would risk lower top.

    Res: 82.92, 83.05, 83.23, 83.52
    Sup: 82.59, 82.45, 82.20, 81.94

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    USD/CHF

    Fresh strength from 0.9234 higher low broke above 0.9327 resistance, extending recovery to 0.9367, ahead of reversal. Fresh losses through 0.9327/00 support zone weaken the near-term tone, for possible return to 0.9221/00 area. Higher low above 0.9221, with regain of 0.9335 is needed to avert immediate downside risk and open 0.9367 for retest.

    Res: 0.9307, 0.9335, 0.9367, 0.9390
    Sup: 0.9267, 0.9234, 0.9221, 0.9200

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