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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 » Mon Apr 11, 2011 2:01 pm

EUR/USD

Extends correction from fresh yearly high at 1.4482, after losing the initial support 1.4440. Further easing is seen towards 38.2% retracement of 1.4240/1.4482, at 1.4390, and 20 day MA, currently at 1.4370, where a higher low is anticipated ahead of fresh strength. Clearance of 1.4482 to focus 1.4500 and 1.4579, Jan 2010 high. Loss of 1.4347/30, 06 Apr previous high / 61.8% retracement, would delay immediate bulls.

Res: 1.4472, 1.4482, 1.4500, 1.4579
Sup: 1.4416, 1.4390, 1.4370, 1.4330

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GBP/USD

Pullback from 1.6426, last Friday’s fresh high, has found temporary support at 1.6312, just above 1.6297, 38.2% retracement of 1.6090/1.6426 ascend, followed by strong rally. Regain of 1.6390, consolidation range ceiling, signal further gains through 1.64, to retest 1.6426, break of which will open way for test of 1.6456/1.6500 levels. On the downside, 1.6330/12 zone underpins the advance.

Res: 1.6400, 1.6426, 1.6456, 1.6500
Sup: 1.6330, 1.6312, 1.6300, 1.6260

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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. Clear break below 84.60 to open way for stronger correction and expose 84.15/83.85.

Res: 85.14, 85.40, 85.50, 85.92
Sup: 84.53, 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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