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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 22, 2010.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Upside rejection at 1.3816 on 17 Mar and break of a 3-week rising wedge turned the immediate focus lower. Clearance of 1.3536/29 support area has so far reached 1.3497, though stretched near-term studies suggest correction, with possible lower top under 1.3628/39, ahead of fresh weakness towards 1.3433. Only break above 1.3639 would pivot market higher.

    Res: 1.3586, 1.3600, 1.3625, 1.3639
    Sup: 1.3497, 1.3484, 1.3445, 1.3433

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    GBP/USD

    Sharp pullback off last week’s 1.5380 recovery high broke below 1.4976 key support, to reach 1.4930 thus far, en-route to 1.4871, 10 Mar higher low. Overextended hourly studies see correction higher, with lower top seen under 1.5126/60 area. Break below 1.4871 will reaffirm short-term bear presence, opening 1.4780 low.

    Res: 1.5035, 1.5125, 1.5160, 1.5224
    Sup: 1.4930, 1.4871, 1.4855, 1.4780

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    USD/JPY

    Remains constructive off 88.13, yearly low, posted on 04 Mar. Yesterday’s dip under 89.98 support left a lower rejection at 89.74, just above key 89.62, 09 Mar low. This confirms a positive bias for test 91.08, range ceiling, also trendline resistance. Potential break here to open 92.13, 19 Feb high, near-term.

    Res: 90.79, 91.08, 91.22, 91.35
    Sup: 90.05, 89.75, 89.62, 89.45

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    USD/CHF

    Has been undergoing a recovery phase off 1.0505, 17 May low. Strong resistance now lies between 1.0640/60 zone, and a break there is needed to trigger a stronger recovery towards 1.0730. The latest reversal has dented 1.0590 support and this may delay bulls for test of 1.0570/32.

    Res: 1.0645, 1.0656, 1.0676, 1.0697
    Sup: 1.0570, 1.0532, 1.0505, 1.0497

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