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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 Jul 11, 2011 2:11 pm

EUR/USD
Accelerates losses from 1.4576, 04 July lower top, losing 1.4102 and 1.4073, 27 / 16 June lows. Focus is now at 1.4000 and key short-term level at 1.3968, 23 May low, loss of which would signal an extension of corrective phase from 1.4938 and expose 1.3860, possibly 1.3750 on a break. Previous supports at 1.4102 and 1.4200, now reverted to resistance, are expected to cap.

Res: 1.4073, 1.4102, 1.4186, 1.4200
Sup: 1.4000, 1.3968, 1.3900, 1.3860

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GBP/USD

Has ended the near-term recovery attempt from 1.5910 that was capped at 1.6039, after today’s break below 1.5910/00 support zone. Immediate target lies at 1.5880, Fib 61.8% of 1.5343/1.6745 ascend, with test of 1.5820/1.5750 seen on a break. On the upside, 1.6000/57 zone offers immediate resistance, while only break above 1.6139 improves.

Res: 1.5942, 1.6000, 1.6045, 1.6057
Sup: 1.5887, 1.5880, 1.5821, 1.5800

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USD/JPY

Today’s corrective attempt from 80.50 low was short-lived, as gains were capped at 80.82, ahead of fresh leg lower. Loss of 80.50 and trendline support at 80.40 further weakens the structure and increases risk of testing key supports at 80.00/79.68. Today’s high at 80.82 limits the upside for now.

Res: 80.60, 80.82, 81.00, 81.26
Sup: 80.25, 80.00, 79.68, 79.55

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USD/CHF

Has dipped sharply after recovery from 0.8362, 06 July low was capped at 0.8519 trendline resistance. Loss of 0.8392, trendline support and previous low at 0.8362, weakens the near-term structure and signals possible end of recovery phase from 0.8273, fresh historical low, as more than 61.8% of 0.82730.8524 upleg has so far been retraced. Corrective attempt was capped just under 0.8400, with fresh weakness under way.

Res: 0.8386, 0.8400, 0.8430, 0.8445
Sup: 0.8328, 0.8305, 0.8295, 0.8273

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