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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 » Mon May 09, 2011 2:29 pm

EUR/USD

Has ended recovery from 1.4314, Friday’s low, as gains stalled at 1.4438, just below initial resistance at 1.4450. Fresh weakness has fully retraced 1.4313/1.4438 correction upleg, losing 1.4300 handle to open 1.4250/1.4200, ahead of possible retest of 1.4156, 18 Apr higher low and key short-term support. On the upside, hourly 20 day MA maintains bears, while 1.4400/38 zone caps.

Res: 1.4340, 1.4366, 1.4405, 1.4438
Sup: 1.4270, 1.4250, 1.4225, 1.4200

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GBP/USD

Extends weakness after correction from 1.6341, today’s previous low, was limited at 1.6400 zone, with fresh slide towards 1.6300 support completing hourly head and shoulders pattern, after breaking below neckline at 1.6350 zone. This signal further weakness, currently approaching Fib 76.4% at 1.6300, with break here to open way towards 1.6260/30. Initial resistance lies at 1.6380/1.6400 zone.

Res: 1.6382, 1.6400, 1.6430, 1.6451
Sup: 1.6300, 1.6266, 1.6260, 1.6200

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USD/JPY

Undergoes near-term sideways trading after recovery phase from 79.55 low found resistance just under 81.00 barrier, also near Fib 38.2% of 0.8280/79.55 decline. Break here is needed to resume correction towards 81.20/70 next, before bears re-assert, as wider picture outlook remains negative.

Res: 80.83, 80.93, 81.00, 81.20
Sup: 80.50, 80.20, 80.00, 79.55

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USD/CHF

Remains in a near-term recovery mode from fresh historical low at 0.8550, with break above bear channel resistance at 0.8680, extending gains to 0.8800 zone so far. Near-term studies remain supportive after corrective pullback found support at 0.8730. Clearance of 0.8800 is sought for fresh leg higher, with 0.8832, previous high and Fib 38.2% seen first, ahead of 0.8850/70 zone. 20 day MA on 4-hour chart maintains near-term bulls.

Res: 0.8795, 0.8830, 0.8850, 0.8870
Sup : 0.8730, 0.8700, 0.8675, 0.8634

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