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Technical Analysis
Short Term Technical Analysis for Majors (08:00 GMT)
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[QUOTE="WindsorBrokers, post: 17797, member: 4571"] [B]EUR/USD[/B] Maintains positive tone, holding above 1.38 level, extending gains through 1.3819/24 barriers to post fresh 3 –week high at 1.3837 overnight. Immediate scope is for retest of key near-term resistance at 1.3860, clearance of which is to confirm recovery from 1.2872 and open fresh leg higher, to focus 1.4280, 04 Nov 2010 high, short-term. 1.38 zone offers immediate support, while holding above 1.3750/00 keeps immediate bulls in play. Res: 1.3837, 1.3860, 1.3900, 1.3972 Sup: 1.3850, 1.3806, 1.3750, 1.3700 [IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20110225080717.gif[/IMG] [B]GBP/USD[/B] Extended weakness after upside failure at 1.6253, just under 1.6262/77 barriers, with loss of 1.61 support, posting fresh low at 1.6084, over 61.8% retracement of 1.1.5985/1.6272 ascend. This keeps near-term outlook negative, with lower top seen under 1.6180, ahead of fresh push lower. Below 1.6084 to focus 1.6054, 76.4% retracement and trendline connecting 1.5957/1.5985 lows, loss of which to signal possible full retracement. Only regain of 1.6215 would ease immediate bear pressure. Res: 1.6159, 1.6180, 1.6215, 1.6253 Sup: 1.6119, 1.6100, 1.6084, 1.6054 [IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20110225080700.gif[/IMG] [B]USD/JPY[/B] Extends weakness from 16 Feb high at 83.96, to break below 81.75, 08 Feb higher low and 76.4% of 81.10/83.96 ascend, reaching 81.61 so far. Corrective attempt remains capped by 82.00 zone for now, with fresh weakness looking for test of 81.10/80.92, key higher lows, loss of which will signal an end of recovery phase and expose 80.24, 01 Nov 2010 15-year low. Res: 82.05, 82.31, 82.63, 82.85 Sup: 81.61, 81.30, 81.10, 80.92 [IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20110225080643.gif[/IMG] [B]USD/CHF[/B] Trades in a narrow consolidative range after loss of key 0.9301 key support triggered fresh weakness to post a series of record lows, with 0.9221 low seen thus far. Near-term studies favor fresh weakness towards 0.92/0.9150 initially. Corrective attempts need to regain minimum 0.9390, to signal stronger correction. Res:0.9283, 0.9309, 0.9327, 0.9390 Sup: 0.9221, 0.9200, 0.9150, 0.9100 [IMG]http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20110225080626.gif[/IMG] [/QUOTE]
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