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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 » Mon May 09, 2011 7:42 am

EUR/USD

Remains in a steep downtrend from 1.49 zone, breaking below bull channel support, to dip to fresh 3-week low at 1.4314. Bounce higher is seen corrective for now, as short-term studies remain negative, with hourly 20 day MA limiting the upside for now. However, further correction into 1.4480/1.4500 is not ruled out, where a lower high is anticipated, ahead of fresh leg lower and below 1.43 to focus 1.4250/1.4200 next. Only break above 1.4550/80 zone would signal fresh recovery and expose 1.4625/46.

Res: 1.4424, 1.4455, 1.4482, 1.4506
Sup: 1.4375, 1.4340, 1.4314, 1.4300

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GBP/USD

Maintains negative tone after loss of key short-term support at 1.6430 extended decline to 1.6341 so far. Recovery attempts were capped at 1.6400 zone, with 4-hour 20 day MA maintaining the downtrend. Break below 1.6340 handle opens strong support at 1.6300 area, ahead of possible attempt at 1.6230. On the upside, immediate resistance lies at 1.6400 and 1.6430, while clearance of last Friday’s 1.6462 high is required to pick-up stronger recovery.

Res: 1.6400, 1.6430, 1.6451, 1.6462
Sup: 1.6360, 1.6341, 1.6306, 1.6266

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USD/JPY

Recovery from 79.55, fresh 7-week low, broke above 80.68 barrier to extend gains just under 81.00. 20 day MA offers immediate support, with regain of 81.00/20 needed to signal further recovery. Below 80.50 opens key near-term support at 80.20, loss of which would turn bearish.

Res: 80.65, 80.83, 80.93, 81.00
Sup: 80.50, 80.20, 80.00, 79.55

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USD/CHF

Correction from 0.8550 historical low was capped at 0.88 zone, previous high / daily 20 day MA, with corrective pullback under way. Higher low above 0.8700 area is sought to resume near-term uptrend, with clearance of 0.8800 to expose 0.8830/70 resistance zone, next.

Res: 0.8760, 0.8800, 0.8833, 0.8850
Sup : 0.8727, 0.8700, 0.8675, 0.8634

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