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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 Jun 27, 2011 1:55 pm

EUR/USD

Bounce from 1.4102, overnight’s low, was capped at 1.4135, ahead of fresh weakness under 1.4200. Immediate downside target lies at 1.4115/02, trendline off 1.3968 / today’s low, with break here to resume downtrend and expose 1.4073, 16 June low, ahead of key support at 1.3968, 23 May low. On the upside, clearance of today’s high at 1.4235 and 20 day MA at 1.4245, is required to signal possible basing, with regain of 1.4300 zone needed to confirm.

Res: 1.4200, 1.4235, 1.4247, 1.4304
Sup: 1.4124, 1.4102, 1.4073, 1.4000

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GBP/USD

Corrective attempt from fresh 5 month low at 1.5912, posted overnight, was short-lived, as gains stalled on attempt to clear barrier at 1.6000, and subsequent fall nearly fully retraced initial rally. Near-term outlook favors bearish break through 1.5912/00 to target 1.5880, Fibonacci level, ahead of 1.5845, bear channel support line, loss of which would open way for test of 1.5750, 25 Jan low. Upside remains capped at 1.6007, today’s high and 1.6030/45, daily 200 day MA / 24 June high.

Res: 1.6007, 1.6045, 1.6065, 1.6077
Sup: 1.5912, 1.5900, 1.5880, 1.5820

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USD/JPY

Maintains near-term positive tone after break above the recent consolidative range, as psychological support at 80.00 remains intact. Clearance of previous high at 80.78 is now approaching key near-term barrier at 81.05, above which would signal stronger recovery towards 81.76/82.20, key short-term resistances. Corrective dips on extended hourly conditions, need to be contained above 80.40, to keep immediate bulls in play.

Res: 81.05, 81.31, 81.76, 82.20
Sup: 80.66, 80.48, 80.29, 80.12

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USD/CHF

Mild recovery from today’s fresh record low at 0.8316, was limited at 0.8400, with fresh fall signaling an extension of the broader downtrend. Loss of 0.8316 to expose 0.8300 next, ahead of Fibonacci expansion levels at 0.8285 and 0.8200, while 0.8400/36 zone caps.

Res: 0.8382, 0.8400, 0.8436, 0.8450
Sup: 0.8325, 0.8316, 0.8300, 0.8285

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