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Windsor Brokers - Short Term Technical Analysis for Majors (15:00 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 11, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Continues to decline following an upside rejection at 1.3743 on 09 Feb and break through 1.36 support zone, to dent key near-term support at 1.3505. Clear break here will open way for fresh leg lower and expose 1.3483, 61.8% retracement of 1.2872/1.3680, ahead of 1.3395, 20 Jan low and 1.3365, 50% level. Near-term studies favor further weakness, with 1.3620/36 expected to cap corrective attempts on oversold hourly conditions.

    Res: 1.3540, 1.3575, 1.3620, 1.3636
    Sup: 1.3504, 1.3483, 1.3441, 1.3395

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    GBP/USD

    Extends weakness through 1.6010/1.5990 support zone, to reach fresh low at 1.5964, after yesterday’s recovery failure at 1.6136. This marks nearly 61.8% retracement of 1.5750/1.6277 ascend, with break below the latter to trigger further extension reversal from 1.6277 peak, to possibly expose 1.5821 and 1.5750, key near-term higher low. Upside, 1.6010/35 zone offers immediate resistance, and only regain of 1.6136 to signal fresh strength.

    Res: 1.6010, 1.6035, 1.6068, 1.6112
    Sup: 1.5964, 1.5950, 1.5920, 1.5895

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    USD/JPY

    Bounce off 81.10, 04 Feb fresh low, keeps near-term focus at the upside after support was found at 82.19, and clearance of 83.00/20 resistance zone, now approaching 83.67, 07 Jan high. Break here is required to confirm higher low at 81.10 and open key short-term resistance at 84.49, break of which will signal an extension of recovery attempt from 80.24, 01 Nov 2010 low. Correction on overbought hourly conditions is under way, with 82.60/50 expected to contain dips.

    Res: 83.67, 83.88, 84.49, 85.00
    Sup: 83.05, 82.60, 82.50, 82.19

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    USD/CHF

    Extends near-term recovery from 0.9327, to break above 0.9685, 21 Jan previous high and 0.97 barrier, and extend gains to 0.9747 so far.. This brings in focus key near-term resistance zone at 0.9762/84, clearance of which is required to resume recovery from 0.9301, 31 Dec 2010 historical low. Immediate support lies at 0.9685, now reverted to support, with further dips to be contained by 0.9587, to keep immediate bulls in play.

    Res: 0.9747, 0.9762, 0.9784, 0.9800
    Sup: 0.9685, 0.9660, 0.9625, 0.9587

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