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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 » Tue Apr 26, 2011 7:28 am

EUR/USD

Extends reversal from 1.4648 high through 1.4520 support zone, to test 1.4484 support. Fresh strength from here is under way, with break above 1.4565, 20 day MA needed to turn immediate tone positive and expose 1.4626/48 for retest. Clearance of the latter to open fresh leg higher and focus 1.4684/1.4700. Failure to hold above 1.4565, however, would keep negative tone in play and below 1.4492/84 to target 1.4460/00, 38.2% / 50% Fibonacci retracement of 1.4156/1.4648 upleg, ahead of 1.4365, daily 20 day MA.

Res: 1.4575, 1.4585, 1.4626, 1.4648
Sup: 1.4492, 1.4484, 1.4460, 1.4400

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GBP/USD

Extends correction from fresh yearly high at 1.6598, on 21 Apr, breaking below range floor at 1.6480, to test key near-term support zone at 1.6430, 38.2% retracement of 1.6465/1.6598 upleg / 08/11 Apr previous highs. Holding above here keeps bullish outlook intact for fresh strength towards 1.6550/1.6600 zone. Loss of 1.6430 support, however, would weaken the structure and open downside targets at 1.6380/25, Fibonacci levels.

Res: 1.6500, 1.6509, 1.6547, 1.6600
Sup: 1.6430, 1.6400, 1.6380, 1.6325

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USD/JPY

Corrective attempt from 81.61, 22 Apr fresh low, has ended, after gains stalled at 82.41 and subsequent reversal fell below 82.00 zone, 38.2% retracement of 76.32/85.51 ascend, to briefly break below 81.61, previous low.. This may signal fresh leg of the broader weakness, with break below 81.61/56 supports, to open way for test of levels below 81.00, with strong support standing at 80.70/60 zone. Upside remains capped at 82.40, and only break here to improve near-term outlook and open 83.00 zone for test.

Res: 81.96, 82.08, 82.23, 82.40
Sup: 81.56, 81.00, 80.69, 80.24

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USD/CHF
Remains in a downtrend after corrective attempt from all time low at 0.8778 stalled at 0.8873, with fresh weakness exceeding the previous and posting fresh record low at 0.8770. Near-term studies remain negative, with 4-hour 20 day MA, currently at 0.8850, capping and favoring further decline towards 0.8750/00 zone next. Immediate resistances lie at 0.8850/75, while break above the latter would delay immediate bears in favor of stronger correction towards 0.9000 resistance zone.

Res: 0.8850, 0.8873, 0.8890, 0.8930
Sup : 0.8798, 0.8770, 0.8750, 0.8700

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