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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 Apr 07, 2011 7:39 am

EUR/USD

Yesterday’s surge from 1.4272 higher low reached fresh yearly high at 1.4350, ahead of correction. Minor consolidation is seen at 1.43 zone, with further easing towards 1.4272, also 38.2% retracement of 1.4150/1.4350 upleg, possibly to 1.4250, where a higher low is anticipated for fresh push higher. Break through 1.4350 to expose 1.44/1.4450 next. Loss of 1.4250 support zone, however, would signal deeper correction.

Res: 1.4315, 1.4335, 1.4350, 1.4400
Sup: 1.4272, 1.4250, 1.4226, 1.4207

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GBP/USD
Pullback from 1.6362, yesterday’s fresh high, found a footstep at 1.6260 zone, but renewed strength failed to reclaim previous high, stalling at 1.6339, ahead of return to 1.6260. This increases risk of further easing, with loss of 1.6260 to expose 1.6211, 38.2% retracement of 1.5971/1.6362 ascend / 05 Apr intraday low, possibly 1.6175, previous high / near 50% retracement. Upside clearance of 1.6339 brings 1.6362/1.6400 barriers back to focus.

Res: 1.6321, 1.6339, 1.6362, 1.6400
Sup: 1.6260, 1.6220, 1.6211, 1.6175

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USD/JPY

Remains in strong uptrend after reaching fresh high at 85.51, with correction / consolidation, being supported by 84.83 for now. Clearance of 85.50 will open 85.92/86.36. On the downside, key near-term support lies at 83.85, and only loss here to weaken current structure.

Res: 85.50, 85.63, 85.92, 86.00
Sup: 85.09, 84.83, 84.43, 83.85

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USD/CHF

Remains on the back foot after easing from 0.9338, fresh recovery high, lost 0.92 support, to extend losses to test key near-term support at 0.9125. While above here, scope exists for fresh attempt higher, with regain of 0.9200/30 needed to signal further recovery. Otherwise, loss of 0.9125 will open way for further losses towards 0.9065, 61.8% of 0.8900/0.9338, loss of which will signal an end of recovery from 0.8900

Res: 0.9200, 0.9242, 0.9264, 0.9294
Sup: 0.9129, 0.9125, 0.9065, 0.9027

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