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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 » Thu Apr 07, 2011 2:06 pm

EUR/USD

Extends reversal from yesterday’s fresh high at 1.4350 after spike through 1.4300 failed at 1.4325. Fresh weakness is under way, attempting through 1.4250, 50% retracement of 1.4150/1.4350 and 20 day MA. Sustained break lower and loss of 61.8% Fibonacci level at 1.4226, will sideline short-term bulls and signal return to 1.4150, 05 Apr higher low. On the upside, regain of 1.4300/25 is needed to re-focus 1.4350, possibly 1.4400 on a break.

Res: 1.4300, 1.4325, 1.4335, 1.4350
Sup: 1.4242, 1.4226, 1.4207, 1.4150

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GBP/USD

Trades in a consolidative 1.6256/1.6337 range, following pullback from yesterday’s fresh high at 1.6362. Dynamic support, 20 day MA, currently at 1.6254, along with range floor, keeps scope for fresh gains through 1.63 barrier in play, with clearance of 1.6362 to open way for retest of 1.6400. On the downside, loss of 1.6254 support will signal further easing and open 1.6211, 38.2% Fibonacci level.

Res: 1.6315, 1.6343, 1.6362, 1.6400
Sup: 1.6254, 1.6220, 1.6211, 1.6175

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USD/JPY

Maintains positive short-term tone after corrective/consolidative pullback from fresh high at 85.51, remains contained by 84.83. Clearance of 85.50 will open 85.92/86.36. Key near-term support at 83.85 underpins the advance, and only loss here to weaken current structure.

Res: 85.40, 85.50, 85.63, 85.92
Sup: 85.07, 84.90, 84.83, 84.43

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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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