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Short Term Technical Analysis for Majors (07:00 GMT)

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Jul 26, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Consolidates the latest rally, moving within 1.2113/68 range, with positive tone on hourly chart, seeing potential for further retracement. Break above important 1.2200 barrier, 55 day EMA and Fib 23.6% of 1.2691/1.2042 descend, to confirm near-term base and expose 1.550, Fib 38.2% and key short-term resistances at 1.2300/20 on a break. Only return below 1.2100 would be bearish.

    Res: 1.2155, 1.2168, 1.2180, 1.2200
    Sup: 1.2127, 1.2123, 1.2100, 1.2052

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    GBP/USD
    Negative tone continues to dominate in the short-term outlook, as the pair continues to post fresh losses, with initial target at 1.5460 being cracked. Trendline support at 1.5430 is seen next, ahead of key 1.5400 platform, loss of which to signal breakout 5-week range and open fresh bear phase, with long-term trendline at 1.5370, seen ahead of yearly low at 1.5267. Barriers at 1.5500/50 are seen capping the upside for now, while only break above 1.5600 would provide relief.

    Res: 1.5500, 1.5518, 1.5552, 1.5580
    Sup: 1.5457, 1.5430, 1.5400, 1.5392

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    USD/JPY
    Near-term sideways movement continue, with price action moving within narrow range, with 78.00 handle still intact. With neutral hourly and 4h studies aligned lower, the downside remains vulnerable, as loss of 78.00 will open way towards key short-term support at 77.65. On the upside, previous support and 200 day MA at 79.00, offer key barrier and breakpoint, above which to sideline short-term bears.

    Res: 78.27, 78.45, 78.79, 79.00
    Sup: 78.00, 77.93, 77.65, 77.50

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    USD/CHF
    The pair moves sideways, after pullback from 0.9970 found footstep at strong support at 0.9860/70 zone, previous peak and near 50% of 0.9745/0.9970 ascend. Negative tone on near-term studies sees the downside favored for now, with loss of 0.9860 to allow for stronger reversal and expose 0.9716, Fib 61.8% and figure support at 0.9700. Daily studies, emerging from overbought zone and losing momentum, are supportive for further retracement that would keep upside targets at 0.9970 and 1.0000 on hold.

    Res: 0.9900, 0.9920, 0.9950, 0.9970
    Sup: 0.9866, 0.9830, 0.9800, 0.9770

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