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Short Term Technical Analysis for Majors (08:00 GMT)

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Feb 28, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Corrective pullback off last Friday’s fresh high at 1.3465, levels last time visited at the beginning of Dec 2011, found footstep at 1.3365, 4H 20 day SMA and just ahead of strong support zone at 1.3350/40. Fresh strength above 1.3400 handle, regained 1.3450 so far, however, clearance of yesterday’s intraday high at 1.3463 is required to re-focus 1.3485/1.3500, otherwise, further easing is not ruled out, as hourly studies started to point lower. Immediate supports at 1.3400/1.3380 zone are expected to contain, to keep positive sentiment intact, while only break below 1.3365/40 support zone would allow for stronger pullback and turn the near-term focus lower.

    Res: 1.3450, 1.3463, 1.3485, 1.3500
    Sup: 1.3400, 1.3385, 1.3365, 1.3356

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    GBP/USD
    Rally from 1.5650, very strong support zone was once more capped by 200 day SMA at 1.5900, keeping the upside intact for now. Subsequent reversal was contained at 1.5800 zone, above 20 day SMA and more significant 1.5770 support. Holding above the latter, keeps the pair within the range, while break lower to turn focus towards 1.5720/00, next supports. Only sustained break above 1.5900/26 would signal break above 1.5900/1.5650 range and resume broader uptrend from 1.5233, 13 Jan low.

    Res: 1.5868, 1.5880, 1.5900, 1.5926
    Sup: 1.5809, 1.5800, 1.5770, 1.5720

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    USD/JPY
    Near-term price action shows the pair in defense after hitting fresh 9-month high at 81.65 yesterday. Swing lower was for now contained at 80.00, just above static support at 79.84, attempting through yesterday’s intraday high and hourly 55 day SMA at 80.65, break of which is required to trigger further recovery. Hourly studies, however, are still weak and further easing is not ruled out, as long as 81.00 stays intact, with potential break below 80.00, to expose next support at 79.50.

    Res: 80.75, 81.00, 81.24, 81.65
    Sup: 80.00, 79.84, 79.50, 79.00

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    USD/CHF
    Trades in a near-term corrective mode, off 0.8929, last Friday’s fresh low. Upside was so far capped at 0.9000 resistance, but room for stronger bounce still exists. While today’s low at 0.7960 holds, immediate focus is at 0.9000, above which to trigger further recovery towards strong resistance zone at 0.9070/0.9100. Wider picture, however, shows bears off 0.9573, 09 Jan high, firmly in play.

    Res: 0.9000, 0.9009, 0.9025, 0.9063
    Sup: 0.8960, 0.8945, 0.8929, 0.8900

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