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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 » Tue Apr 12, 2011 1:48 pm

EUR/USD

Fresh rally from 1.4376, today’s higher low broke through psychological barrier at 1.4500 keeps bulls firmly in play, with 1.4516 seen so far. Market now looks for test of 1.4579, Jan 2010 yearly high, ahead of 1.4600. On the downside, 1.4376/50 zone underpins the advance.

Res: 1.4516, 1.4550, 1.4579, 1.4600
Sup: 1.4448, 1.4400, 1.4376, 1.4350

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GBP/USD

Today’s loss of 1.6260 higher platform support extended losses to 1.6226, ahead of bounce. Break above 1.6310/20 resistance zone, increases hopes of fresh attack at 1.6400/26 barriers, with clearance of 1.6340/47, 20 day MA / today’s high, needed to confirm. Initial support lies at 1.6280, then 1.6250, while loss of 1.6226 would signal an extension of short-term downtrend from 1.6426.

Res: 1.6328, 1.6340, 1.6360, 1.6400
Sup: 1.6280, 1.6260, 1.6250, 1.6226

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USD/JPY

Continues to trend lower off 85.50 high, with latest loss of 83.85 support, extending losses to 83.45 so far. Bounce from here is seen corrective while 84.80 caps and only break higher to re-expose 85.50. Otherwise, lower top would precede fresh leg lower and below 83.45 to focus 83.20/82.55 next.

Res: 84.42, 84.80, 85.14, 85.50
Sup: 83.88, 83.45, 83.20, 83.00

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USD/CHF

Continues to spiral lower from 0.9338 high, losing 0.9000 handle today, and extending losses to 0.8943 so far. Immediate focus lies at 0.8900, all-time low, loss of which will open fresh phase lower. On the upside, immediate resistance lies at 0.9000, ahead of 0.9033 and 0.9060.

Res: 0.9000, 0.9033, 0.9060, 0.9100
Sup : 0.8943, 0.8900, 0.8850, 0.8800

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