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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 » Mon Apr 11, 2011 7:29 am

EUR/USD

Friday’s break above 1.4350 previous high and 1.44 barrier has extended gains through 61.8% retracement of 1.6039/1.1875 longer-term decline at 1.4442, to post fresh yearly high at 1.4482. Bulls are firmly in play, with consolidation above 1.4445, 20 day MA on hourly chart, seen ahead of fresh attempt towards 1.45 and 1.4579, Jan 2010 high. On the downside, 1.4383 offers initial support, ahead of 1.4360/50, while reversal under 1.4330, 61.8% of 1.4240/1.4482, would delay immediate bulls.

Res: 1.4472, 1.4482, 1.4500, 1.4579
Sup: 1.4383, 1.4360, 1.4350, 1.4330

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GBP/USD

Broke above 1.6400 barrier on Friday to post fresh high at 1.6426, ahead of reversal under 1.6400. Market is currently testing 1.6330/23 support, 20 day MA / Friday’s low, break of which will open way for further easing and look for extension towards key near-term support at 1.6260 higher platform. Higher low above 1.6460, however, keeps bulls in play for fresh attempt through 1.6400/26 for possible attack at 1.6456/1.6500.

Res: 1.6390, 1.6400, 1.6426, 1.6456
Sup: 1.6314, 1.6300, 1.6260, 1.6214

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USD/JPY

Maintains near-term negative tone after posting fresh high at 85.50, with subsequent easing now testing 84.60 support. Holding above here will keep the upside in focus for fresh attempt through 85.50 towards 85.92/86.00 zone. Under 85.60 to open way for stronger correction and expose 84.15/83.85.

Res: 85.14, 85.40, 85.50, 85.92
Sup: 84.60, 84.15, 84.00, 83.85

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USD/CHF

Extended reversal from 0.9338, 01 Apr peak, losing key near-term support at 0.9125, to extend losses under 0.91 level. Near-term outlook remains negative, with 0.9027/0.8976, 24/23 Mar lows, now in focus. On the upside, immediate resistance lies at 0.9125, while only regain of 0.92 zone improve the near-term tone.

Res: 0.9100, 0.9125, 0.9160, 0.9200
Sup: 0.9061, 0.9027, 0.9000, 0.8976

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