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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 » Wed Apr 20, 2011 1:54 pm

EUR/USD

Extends rally from 1.4156 higher low, to break above 1.4500/18 barriers and hit fresh yearly high at 1.4545. Immediate targets lie at 1.4579, 2010 high and 1.4600, with overbought hourly conditions suggesting corrective pullback ahead of fresh strength. 1.4500, now reverted to support, offers initial support, while 1.4400/1.4380 expected to contain corrective dips.

Res: 1.4536, 1.4545, 1.4579, 1.4600
Sup: 1.4500, 1.4473, 1.4454, 1.4412

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GBP/USD

Rally from 1.6165 higher low broke above the last barrier at 1.6382, to open way for final push towards 1.6426, 08/11 Apr fresh high, break of which is sought for fresh leg higher, to open 1.6456, 2010 high and 1.6500, psychological level. Initial support lies at 1.6363, while higher low at 1.6340 underpins the advance.

Res: 1.6396, 1.6400, 1.6426, 1.6456
Sup: 1.6370, 1.6363, 4.6340, 1.6307

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USD/JPY

Broke below 82.72/65 support zone to extend losses through trendline support at 82.48, and test yesterday’s higher low at 82.35. This turns near-term tone negative for further slide towards 82.17 previous low, break of which to open way for fresh weakness and expose 81.54/80.69, next. On the upside, 83.00 zone caps for now.

Res: 82.65, 82.87, 83.09, 83.25
Sup: 82.17, 82.00, 81.54, 80.69

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USD/CHF

Extended losses after an upside rejection at 0.9007, to break below 0.8900 handle and previous low at 0.8894, and post fresh all-time low at 0.8887. Near-term bears are now firmly in play for fresh push lower towards 0.8850/0.8800, with hourly studies in oversold territory and suggesting corrective bounce before fresh leg lower.0.9000 zone is expected to limit corrective attempts.

Res: 0.8925, 0.8944, 0.8975, 0.9007
Sup : 0.8900, 0.8887, 0.8850, 0.8800

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