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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 » Tue May 10, 2011 2:04 pm

EUR/USD

Near-term price action remains directionless after bounce from 1.4253 fresh low, remains capped at 1.4400 zone Hourly conditions, however, still point to the downside, with loss of 1.4323, recent range floor, expected to trigger fresh weakness towards 1.4269/53 supports. On the upside, lift above 1.4400/40 is needed to improve near-term outlook.

Res: 1.4393, 1.4440, 1.4455, 1.4509
Sup: 1.4349, 1.4323, 1.4300, 1.4269

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GBP/USD

Turns the near-term focus lower after correction from 1.6269, yesterday’s fresh low, stalled at 1.6420. Hourly 20 day MA at 1.6380 caps the upside for now, with immediate focus at 1.6324, today’s low, break of which will open 1.6300/1.6269 zone for retest. Loss of the latter would signal fresh leg lower and expose 1.6225, possibly 1.6165 on a break. Upside clearance of 1.6420 is needed to ease bear pressure.

Res: 1.6380, 1.6400, 1.6420, 1.6430
Sup: 1.6324, 1.6300, 1.6269, 1.6225

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USD/JPY

Corrects lower after gains from 80.15 higher low failed on approach at 81.00 resistance zone. Near-term tone, however, remains supportive for fresh attack at 81.00/20 barriers, above which would open way for further recovery and expose 81.68. Hourly 20 day MA, currently at 80.45, underpins, while loss of 80.15 would signal an end of recovery attempt.

Res: 80.86, 80.93, 81.20, 81.86
Sup: 80.52, 80.15, 80.00, 79.87

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USD/CHF

Reversal from yesterday’s fresh recovery high at 0.8800 zone, left a higher low at 0.8706, ahead of renewed attempt at 0.8800 barrier. Near-term studies are supportive, with sustained break above 0.8800 to open 0.8830/70 zone next. Initial support lies at 0.8730, ahead of 0.8706.

Res: 0.8803, 0.8830, 0.8850, 0.8870
Sup : 0.8749, 0.8730, 0.8706, 0.8675

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