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Short Term Technical Analysis for Majors (07:00 GMT)

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Short Term Technical Analysis for Majors (07:00 GMT)

Postby WindsorBrokers » Thu Aug 16, 2012 8:35 am

EUR/USD
Near-term picture turns negative, as the price slides below 1.2300 support, following an upside rejection under 1.2400 barrier, where the med-term bear-trendline off 1.3282, 01 May peak, capped gains. Initial support at 1.2260 has been tested, with 1.2300 offering initial resistance, as key short-term support at 1.2240, 10 Aug low / 50% of 1.2042/1.2441, comes in focus, with extension to 1.2200, seen on a break.

Res: 1.2300, 1.2342, 1.2386, 1.2400
Sup: 1.2258, 1.2240, 1.2220, 1.2200


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GBP/USD
The pair accelerates losses on a break below 1.5655 platform, turning the near-term outlook negative and keeping strong resistance zone above 1.5700 out of reach for now. Losses have so far retraced 50% of 1.5489/1.5727 ascend, with more significant support zone at 1.5600/1.5570, coming in focus. Larger picture’s range-trade stays intact, as 200 day SMA continues to cap.

Res: 1.5673, 1.5700, 1.5717, 1.5727
Sup: 1.5634, 1.5608, 1.5600, 1.5575

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USD/JPY
The pair continues to trend higher, following break above main bear-trendline at 78.70 and range top at 78.80, with surge through 79.00 barrier and 200 day SMA, looking for test of next significant barrier at 80.00. Overextended conditions on hourly chart, however, signal corrective action, with initial support at 79.00 and 78.80, previous resistance, reinforced by ascending 55 day EMA, expected to contain dips.

Res: 79.35, 79.50, 79.94, 80.09
Sup: 79.00, 78.84, 78.67, 78.59

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USD/CHF
Bounce off important 0.9700 support remains sees potential for further recovery, as the price approaches important barrier at 0.9800 zone, previous high / 50% of 0.9970/0.9655 descend, with break here required to confirm higher low and resume gains. Break above 0.9800 to open 0.9850, Fib 61.8%, next, while support at 0.9750 zone, along with 4h 20/55 day EMA’s crossover, underpins.

Res: 0.9796, 0.9808, 0.9850, 0.9897
Sup: 0.9777, 0.9758, 0.9749, 0.9730

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