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

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

Postby WindsorBrokers » Tue Mar 15, 2011 3:15 pm

EUR/USD

Reversal from 1.4002, yesterday’s peak, has retraced near 61.8% of 1.3751/1.4002 upleg at 1.3854, where temporary support was found. Fresh strength attempts at 1.3946/63 resistance zone, break of which will re-focus 1.4002/35, otherwise, failure risks higher low and fresh leg lower and expose key near-term support at 1.3850, below which will look for 1.3851, 11 Mar low.

Res: 1.3963, 1.3979, 1.4002, 1.4035
Sup: 1.3920, 1.3892, 1.3854, 1.3839

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GBP/USD

Extended decline, following upside rejection at 1.6200, to fully retrace the recent 1.5976/1.6200 upleg. Correction on oversold conditions is under way, with 1.6090 offering initial resistance, where a lower high is anticipated ahead of resumption of near-term downtrend, and below 1.5976 to focus 1.5957, range bottom, loss of which will confirm short-term top at 1.6340 and trigger fresh phase lower. Only break above 1.6137 to ease immediate bear pressure and re-focus 1.6200/41.

Res: 1.6076, 1.6090, 1.6110, 1.6137
Sup: 1.6000, 1.5976, 1.5957, 1.5910

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USD/JPY

Near-term outlook weakens again after strong recovery from 80.59 spike low, surged through 82.00 barrier, to reach 82.45 high. Failure to hold gains above 82.00 has sparked fresh weakness below 81.00, targeting 80.59/24, key support zone, loss of which will expose 15-year low at 79.75. At the upside, 82.00/45 is expected to cap.

Res: 81.22, 81.41, 81.86, 82.00
Sup: 80.71, 80.57, 80.24, 80.00

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USD/CHF

Near-term recovery from 0.9200, fresh record low, has so far been limited by 0.9360 zone, with subsequent reversal breaking below 0.9270/55 supports, to break below 0.9221, 04 Mar previous low and key support at 0.9200, to post fresh historical lows. Further weakness looks for test of 0.9140/00 next, while oversold hourly conditions see scope for correction preceding fresh decline. 0.9250 offers immediate resistance.

Res: 0.9204, 0.9250, 0.9287
Sup: 0.9162, 0.9140, 0.9100, 0.9050

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