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Old 09-29-2011, 08:54 AM
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Default Short Term Technical Analysis for Majors (07:30 GMT)

EUR/USD

Recovery from 1.3361 low cleared bear trendline at 1.3640 and previous high at 1.3667, to reach fresh high at 1.3689, where gains stalled. Reversal from here lost initial support at 1.3540 to find ground at 1.3520, 20 day MA on 4-hour chart, before fresh push higher. Regain of 1.3600 handle improves the outlook for break through the upper boundary of triangle and fresh attempt at 1.3689/1.3700, to possibly open way for test of key short-term barrier at 1.3800. Near-term studies, holding above midlines, support the advance, with 20 day MA at 1.3545, underpinning. Bull trendline at 1.3540 and day’s low at 1.3520 offer initial support.

Res: 1.3637, 1.3689, 1.3700, 1.3750
Sup: 1.3540, 1.3520, 1.3500, 1.3478





GBP/USD

Weakens the near-term structure after failure to clear key 1.5700 barrier, with subsequent easing below strong support at 1.5600 zone, yesterday’s low / bull trendline off 1.5326 low. Dips found temporary support at 1.5542, just ahead of our next downside target at 1.5525, but recovery remains under broken bull trendline at 1.5650 for now. Break here and regain of 1.5676 is required to attract 1.5700/55, key resistance zone. On the downside, loss of 1.5642 support to allow for stronger pullback and expose 1.5616, Fib 50% of 1.5326/1.5704 ascend.

Res: 1.5648, 1.5676, 1.5704, 1.5755
Sup: 1.5616, 1.5600, 1.5542, 1.5525





USD/JPY

Narrows the near-term range further after upside remains capped under 77.00 and support was found at 76.30 zone. Flat near-term studies suggest further directionless trade, with 76.00/77.00 limiting the movements. Break of either side to define pair’s direction.

Res: 76.62, 76.92, 77.00, 77.27
Sup: 76.32, 76.25, 76.10, 76.00





USD/CHF

Enters the near-term 0.8926/0.9000 range trading after pullback from 0.9180 high lost initial strong support at 0.9000, with fresh extension lower ended testing the next level at 0.8926, previous high, posted on 12 Sep. Overextended daily studies keep pressure at the pair, with retest of 200 day MA, currently at 0.8800, before fresh push higher, as broader picture’s uptrend remains intact while above 0.8800.

Res: 0.9000, 0.9020, 0.9056, 0.9082
Sup: 0.8944, 0.8923, 0.8900, 0.8884

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