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Short Term Technical Analysis for Majors (13:30 GMT)

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Short Term Technical Analysis for Majors (13:30 GMT)

Postby WindsorBrokers » Wed Apr 06, 2011 2:27 pm

EUR/USD

Eventual break above key barrier at 1.4280 has so far reached 1.4315. Hourly studies remain supportive for fresh gains towards 1.4356 and 1.4400 levels, with 1.4260/50, 20 day MA / 38.2% retracement offering initial support, and expected to contain corrective dips.

Res: 1.4315, 1.4356, 1.4400, 1.4456
Sup: 1.4260, 1.4250, 1.4230, 1.4207

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GBP/USD

Surged to fresh two week high at 1.6362, ahead of pullback on overbought hourly conditions. Market has so far retraced over 38.2% of 1.6090/1.6362 ascend at 1.6256, with further easing seen towards 1.6225/15, where a higher low is sought for fresh attempt higher. Above 1.6362 to challenge 1.6400, 22 Mar high.

Res: 1.6316, 1.6362, 1.6382, 1.6400
Sup: 1.6220, 1.6215, 1.6194, 1.6175

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USD/JPY

Remains in strong uptrend after clearance of 84.72, previous high, with corrective pullback from 85.50, today’s fresh high, finding support at 84.83. Fresh strength is under way, looking for retest of 85.50, break of which will open 85.92/86.36. On the downside, 83.85 underpins the advance.

Res: 85.38, 85.50, 85.63, 85.92
Sup: 85.06, 84.83, 84.43, 83.85

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USD/CHF

Reversal from fresh 3-week high at 0.9338, posted last Friday, has lost the initial support at 0.9200/0.9190, to dip just above key near-term support at 0.9125, where fresh strength emerged. Regain of 0.92 handle, increasing hopes of further recovery, with break above 20 day MA at 0.9230 needed to confirm and open 0.9300/38 zone for retest. Loss of 0.9125 support, however, will weaken near-term outlook.

Res: 0.9200, 0.9294, 0.9242, 0.9264
Sup: 0.9175, 0.9153, 0.9129, 0.9125

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