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Short Term Technical Analysis for Majors (7:00 GMT)

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Short Term Technical Analysis for Majors (7:00 GMT)

Postby WindsorBrokers » Wed Jul 06, 2011 7:34 am

EUR/USD

Eases further from fresh top at 1.4576, posted on 04 July, losing 1.4440/35 support zone, to retrace 38.2% of 1.4100/1.4576 upleg at 1.4396. The latest bounce is seen corrective while 1.4500, yesterday’s high / 20 day MA zone remains intact. Near-term studies favor further correction, with 1.4340/00, 50% retracement / 24 June high, seen next. Only clearance of 1.4500 would improve the structure and expose 1.4552 instead.

Res: 1.4465, 1.4495, 1.4552, 1.4576
Sup: 1.4415, 1.4396, 1.4359, 1.4338

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GBP/USD

Continues to travel south after yesterday’s recovery attempt from fresh lows under 1.6000 failed to sustain gains above 1.6100 handle. Fresh weakness is under way, looking for test of 1.6000/1.5990 and 1.5970, 30 June low, below which would signal an end of recovery phase from 1.5910 and open way for retest of the latter. On the upside, regain of 1.6100 barrier would ease current bear pressure, but clearance of 1.6126/39 is needed to confirm return to strength and open 1.6200/61 next.

Res: 1.6090, 1.6126, 1.6139, 1.6166
Sup: 1.6015, 1.6000, 1.5990, 1.5970

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USD/JPY

Struggles to hold gains above 81.00 mark, as yesterday’s fresh strength stalled on approach to 81.26, 28 June high and key near-term barrier, with subsequent reversal dipping under 81.00, to dent the trendline connecting 80.25/80.52, at 80.81. Clear break here would expose 80.52 and then 80.30/25, 30 June low / main trendline support, break of which would weaken the short-term positive structure off 79.68. Regain of 81.00, 20 day MA, is required to signal return to strength and expose 81.18/26 for retest.

Res: 80.94, 81.00, 81.18, 81.26
Sup: 80.79, 80.62, 80.52, 80.30

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USD/CHF

Weakens the near-term positive tone after strong rally from 0.8300 stalled at 0.8524, just ahead of key barrier at 0.8550, with subsequent reversal losses to the levels under 0.8400 after losing yesterday’s low at 0.8427. Over 50% of ascend from 0.8273 to 0.8524 has so far been retraced, posting fresh low at 0.8382. Current consolidation is so far capped by 20 day MA at 0.8416, with further easing towards 0.8300 support been favored, as broader bearish outlook remains intact while under 0.8550.

Res: 0.8416, 0.8427, 0.8456, 0.8470
Sup: 0.8382, 0.8366, 0.8336, 0.8304

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