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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 14, 2011 7:36 am

EUR/USD

Price action off 1.44 zone, where the latest reversal, after an upside failure at 1.4518, found support, turns the near-term tone positive. 1.45 barrier has been regained, with clearance of 1.4518 needed to resume bulls towards 1.4579/1.4600 targets. 20 day MA at 1.4460 offers initial support, ahead of 1.4406, key near-term support.

Res: 1.4518, 1.4550, 1.4579, 1.4600
Sup: 1.4474, 1.4460, 1.4441, 1.4406

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GBP/USD

Returns to strength after easing from 1.6426 highs was contained at 1.6230 zone. Clearance of 1.63 barrier and previous high at 1.6328, turns focus back towards 1.6400/26, break of which is sought for fresh push higher, to target 1.6456/1.6500 next. However, risk of double top still exists, in case of upside rejection under 1.6426, with break below 1.6230 needed to confirm.

Res: 1.6363, 1.6400, 1.6426, 1.6456
Sup: 1.6307, 1.6285, 1.6253, 1.6242

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USD/JPY

Maintains negative near-term tone after losing temporary support at 83.45, yesterday’s low and daily 200 day MA. Sustained break lower would signal fresh weakness towards 82.55/00 and sideline recovery hopes. On the upside, 84.25/42 zone caps for now and only break here to improve the near-term outlook.

Res: 83.92, 84.25, 84.42, 84.80
Sup: 83.26, 83.00, 82.55, 82.00

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USD/CHF

Extends bears after short consolidation off 0.8948, previous low, was limited by 89.80, with fresh weakness losing initial support at 0.8948 and breaking briefly through key support and all-time low at 0.8900. Near-term tone remains bearish, looking for extension towards 0.88, while upside is capped at 0.8990.

Res: 0.8968, 0.8990, 0.9017, 0.9033
Sup : 0.8900, 0.8894, 0.8850, 0.8800

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