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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 » Wed Jun 29, 2011 7:45 am

EUR/USD

Extends the near-term bulls after finding support at 1.4100, trendline connecting 1.3968/1.4073 lows, to clear 1.4330, yesterday’s highs and main trendline resistance at 1.4350, testing levels just under 1.4400. Corrective/consolidative pullback on overbought hourly studies was contained above 1.4330, with fresh strength underway, looking for break of 1.4400 to challenge key near-term barriers at 1.4440/96. 20 day MA, currently at 1.4350, underpins the advance.

Res: 1.4395, 1.4400, 1.4440, 1.4496
Sup: 1.4337, 1.4326, 1.4300, 1.4236

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GBP/USD

Maintains near-term positive tone off 1.5910, fresh 5-month low, posted yesterday, to test 1.6045 barrier so far. However, break above 200 day MA at 1.6035 and clearance of 1.6077, 16 June low and 1.6100 is required to confirm recovery and open way towards 1.6150/1.6200 next. Failure under 1.6077 risks return to 1.5910 and possible attempt at 1.5880, Fib 61.8% of 1.5343/1.6745 ascend and bear channel floor at 1.5845.

Res: 1.6035, 1.6045, 1.6077, 1.6100
Sup: 1.5974, 1.5910, 1.5900, 1.5880

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USD/JPY

Has rallied through key near-term barrier at 81.05, to confirm positive structure off 80.00 support and possibly open way for test static, 81.76/82.20 and dynamic resistances, 81.60/82.18, 90/200 day MA’s, in order to confirm short-term base and open way towards 82.80/83.10. Corrective actions should be contained above 80.60, to maintain immediate bull tone.

Res: 81.26, 81.49, 81.76, 82.20
Sup: 80.92, 80.60, 80.29, 80.00

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USD/CHF

Loss of 0.8316, previous low , has triggered fresh fall through 0.8300 handle to post fresh all-time low at 0.8273, yesterday. Recovery attempt from here has ran out of steam at 0.8330, turning the near-term focus lower. Below 0.8273 to target 0.8250/00, while 0.8350 zone caps for now.

Res: 0.8330, 0.8356, 0.8375, 0.8400
Sup: 0.8295, 0.8273, 0.8250, 0.8200

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