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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 » Wed Apr 06, 2011 7:31 am

B]EUR/USD[/B]

Extends gains from 1.4150, yesterday’s higher low, to find interim support at 1.4207. Fresh strength is now testing key resistance at 1.4280, Nov 2010 peak / major bear trendline drawn off 1.6039, 2008 all-time high. Near-term studies remain supportive, and break higher to open fresh phase higher and expose 1.4320 and 1.4356 next. However, overbought hourly studies see risk of correction, with 1.4250 offering immediate support, while loss of 1.42 zone would delay.

Res: 1.5280, 1.4300, 1.4320, 1.4356
Sup: 1.4250, 1.4230, 1.4207, 1.4200

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GBP/USD

I surging higher after yesterday’s pullback from 1.6175 found support at 1.6100 zone, clearing series of resistances, en-route to 1.6400, 22 Mar high. Break here is needed to resume broader uptrend from 1.5343, Dec 2010 low and open 1.6456/1.6500. Higher platform at 1.6220 underpins the advance.

Res: 1.6372, 1.6382, 1.6400, 1.6456
Sup: 1.6310, 1.6276, 1.6220, 1.6214

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USD/JPY

Remains in strong uptrend after clearance of 84.72, previous high, to extend gains to 85.50 so far, just ahead of 85.63/92, 50% retracement of 94.97/76.32 decline / 17 Sep 2010 high, break of which will open 86.36 next. On the downside, 85.00 zone offers initial support.

Res: 85.50, 85.63, 85.92, 86.36
Sup: 85.18, 84.94, 84.72, 84.43

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USD/CHF

Reversal from fresh 3-week high at 0.9338, posted last Friday, has so far found support at 0.9190, ahead of fresh strength attempting to break above recent consolidative range. Clearance of yesterday’s high at 0.9294 opens 0.9338 for retest, break of which will expose key short-term barrier at 0.9367. On the downside, loss of 0.9190 will allow for further easing, and only loss of 0.9125, 31 Mar higher low / near 50% of 0.8900/0.9338 ascend would delay.

Res: 0.9294, 0.9338, 0.9367, 93.90
Sup: 0.9217, 0.9200, 0.9190, 0.9170

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