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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 » Wed Mar 16, 2011 3:16 pm

EUR/USD

Upside remains capped at 1.40 near-term with latest pullback extending through 20 day MA at 1.3940 and retracing over 61.8% of 1.3854/1.4012 ascend. While 1.40 intact, immediate scope is seen for possible probe under 1.39 and retest of 1.3854, break of which will confirm double top and open way for fresh weakness towards 1.3751.
Trades just under 1.40 barrier after support was found at 1.3854 and fresh strength briefly broke above 1.40. The latter still acts as strong resistance, though, near-term studies remain positive, and while 1.3854 underpins, scope is seen for fresh attempt through 1.4000/35 to signal an upside resumption towards 1.4100 next.

Res: 1.4002, 1.4035, 1.4050, 1.4100
Sup: 1.3911, 1.3862, 1.3854, 1.3839

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GBP/USD

Fails to sustain gains above 1.61, with subsequent reversal attempting at 1.6050 support and overnight low. Break here will end hopes of forming double bottom and return 1.5976/57, short-term range floor, back in focus. At the upside, 1.6130/37 offers initial resistance, and sustained break higher needed to revive bulls.

Res: 1.6116, 1.6130, 1.6137, 1.6200
Sup: 1.6047, 1.6000, 1.5976, 1.5957

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USD/JPY

Maintains negative tone after upside rejection at 82.45, to extend losses through 80.59, 14 Mar spike low, to 80.44 today. Immediate focus lies at 80.24, 15 year low, break of which will expose 79.75, 1995 record low. At the upside, 82.00/45 is expected to cap.

Res: 81.16, 81.41, 81.86, 82.00
Sup: 80.24, 80.00, 79.75, 79.50

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USD/CHF

Extends weakness after 0.9360 capped the recovery attempt, with loss of 0.9200 support triggering fall to post fresh record low at 0.9139. Subsequent corrective attempt was short-lived, as 0.92 capped, with fresh low posted at 0.9130. Studies remain negative, despite being in oversold zone, with 0.9100 seen next.

Res: 0.9196, 0.9204, 0.9220, 0.9245
Sup: 0.9139, 0.9130, 0.9100, 0.9050

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