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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 14, 2011 1:54 pm

EUR/USD

Repeated failure to hold gains above 1.45 barrier has triggered fresh reversal through 1.4406 and 1.4376 supports, finding temporary support at 1.4365. Fresh strength from here broke above 1.44 and regained 1.4435 so far, with reclaim of 1.4455/75, 20 day MA / intraday high, needed to re-focus 1.4500/18, with [potential break above the latter to target 1.4579. Upside rejection under 1.4455, however, would risk lower top ahead of fresh leg lower. Below 1.4365 to focus 1.4290/40.

Res: 1.4435, 1.4455, 1.4475, 1.4500
Sup: 1.4400, 1.4365, 1.4300, 1.4290

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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 at 1.6426 still exists, in case of upside rejection under 1.6426, with break below 1.6230 needed to confirm.

Res: 1.6347, 1.6363, 1.6400, 1.6426
Sup: 1.6300, 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: 83.34, 83.45, 83.92, 84.25
Sup: 82.94, 82.70, 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, with corrective attempts seen capped at 0.8960/90.

Res: 0.8957, 0.8968 0.8990, 0.9017
Sup : 0.8915, 0.8900, 0.8894, 0.8850

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