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    Default Short Term Technical Analysis for Majors (14:00 GMT)

    EUR/USD

    Extended weakness after today’s break through 1.2515, 06 May yearly low, and 1.2455, Mar 2009 low, to reach 1.2431 thus far. Immediate focus now stands at 1.2331, key Oct 2008 higher low, break of which may signal extension of the long-term weakness. Current bounce higher is seen corrective while 1.2760 caps and only break there to allow stronger recovery.

    Res: 1.2574, 1.2610, 1.2681, 1.2760
    Sup: 1.2431, 1.2422, 1.2388, 1.2331




    GBP/USD

    The latest three legged correction to the downside is potentially corrective, with scope for a fresh leg higher towards the 23.6% retrace of the 1.7041/1.4475 fall, at 1.5081. Below 1.4475 weakens and under 1.4443 defers.

    Res: 1.4639, 1.4705, 1.4719, 1.4743
    Sup: 1.4494, 1.4475, 1.4443, 1.4397





    USD/JPY

    Pulling back from yesterday’s upper rejection of previous 93.54 high, to risk 92.18, where a swing low may emerge. Losing the latter, however, triggers deeper pullback at 91.64 and key 90.83.

    Res: 93.14, 93.65, 93.98, 94.32
    Sup: 92.18, 91.84, 91.64, 90.83




    USD/CHF

    Upswing from 1.0923, 10 May higher low, broke through 1.1244, 06 May high, extending gains to 1.1264 thus far. Bulls look to extend towards 1.1433, 07 May 2009 swing high, while loss of immediate support at 1.1150 would delay for 1.1056, 12 May low.

    Res: 1.1264, 1.1335, 1.1362, 1.1433
    Sup: 1.1150, 1.1075, 1.1056, 1.1034

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  3. #2
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    Thanks for the analysis!

    The Euro still looks a little sad too but is being artificially helped at the moment with the SNB ( Swiss National Bank ) soaking up a lot of EURCHF around 1.4000 ( possibly 2 bio Euros so far ) and a large ACB protecting a DNT ( Did Not Touch ) option at 1.2500 on EURUSD.
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