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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 » Thu May 12, 2011 7:35 am

EUR/USD

Continues to travel south after yesterday’s upside rejection at 1.4420 zone. Loss of 1.4250 support extended losses under 1.4200 handle, approaching key short-term support at 1.4156, 18 Apr low. Scope is seen for break below 1.4156 to open fresh leg lower and focus 1.4060/20, 01 Apr/28 Mar low, with corrective bounce on oversold hourly conditions possibly preceding. Immediate resistance lies at 1.4233, with 4-hour 20 day MA, currently at 1.4327, maintaining bears.

Res: 1.4233, 1.4253, 1.4269, 1.4300
Sup: 1.4171, 1.4156, 1.4060, 1.4020

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GBP/USD

Remains in short-term downtrend from 1.6745 after yesterday’s strong bounce off 1.6343 stalled at 1.6516, followed by sharp reversal to 1.6320 zone and confirming top at 1.6516. Negative near-term studies favor further weakness through 1.6315/00, to focus 1.6269, 09 May fresh low, below which would open 1.6230 zone for test, ahead of key level at 1.6165. On the upside, 1.6380 caps for now, along with hourly 20 day MA.

Res: 1.6354, 1.6380, 1.6420, 1.6440
Sup: 1.6300, 1.6269, 1.6230, 1.6200


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USD/JPY

Maintains near-term bulls off 79.55 low, after yesterday’s close above 81.00 barrier keeping the upside in focus. 81.33 was reached so far, with 81.68/84 seen next. Dynamic support of 20 day MA, currently at 80.74 underpins, ahead of 80.61, yesterday’s higher low that is expected to contain corrective dips.

Res: 81.33, 81.68, 81.84, 82.25
Sup: 80.90, 80.61, 80.52, 80.15

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USD/CHF

Continues to trend higher after leaving higher low at 0.8781, extending gains through 0.8830/70 barriers, to retrace over 38.2% of 0.9338/0.8550 downleg and approach strong resistance zone at 0.8890/0.8900. Pullback on overbought conditions faces initial support at 0.8800/0.8780, 20 day MA and yesterday’s higher low, with reversal seen above here to maintain short-term bulls.

Res: 0.8884, 0.8894, 0.8900, 0.8944
Sup : 0.8845, 0.8800, 0.8781, 0.8753

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