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Old 23-05-12, 11:44
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Default Short Term Technical Analysis for Majors (07:00 GMT)

EUR/USD
The pair comes under increased pressure after recovery attempt stalled just above 1.2800 and renewed risk-off sentiment pushed the price lower to fully retrace recent 1.2641/1.2823 corrective leg. Negative studies keep our short-term target at 1.2622 in focus, with consolidative/corrective action above 1.2641, seen on overextended hourly studies. Immediate resistance lies at 1.2680/1.2900 zone, while only lift above 1.2730/50 would provide near-term relief.

Res: 1.2780, 1.2800, 1.2811, 1.2823
Sup: 1.2657, 1.2641, 1.2622, 1.2622





GBP/USD
Cable flirts with recent low at 1.5731, as mild corrective attempt didn’t show much of action and gains being capped at 1.5840. Reversal to the lows, along with negative short and longer-term studies and yesterday’s close below 200 day MA, sees risk of further extension of short-term downtrend from 1.6300, with 1.5700, psychological support, seen next, ahead of strong one at 1.5640, mid-Feb range lows / Fib 61.8%. Initial resistances lie at 1.5800 and 1.5840, ahead of 1.5900, 55 day EMA.

Res: 1.5800, 1.5821, 1.5847, 1.5865
Sup: 1.5740, 1.5731, 1.5700, 1.5640




USD/JPY

Strong rally through important barrier at 80.00, failed to sustain gains, as corrective action stalled at 80.13, just ahead of 90 day MA, with subsequent sharp reversal, reducing chances of fresh recovery. Near-term support was found at 79.44, previous strong resistance and Fib 61.8% of 79.00/80.13 upleg, with loss of momentum on hourly studies, increasing risk of revisiting 79.00 zone. Only regain of 80.00 zone would revive bulls.

Res: 79.64, 79.85, 80.00, 80.54
Sup: 79.44, 79.23, 79.00, 78.50




USD/CHF
Renewed strength off last Monday’s 0.9366 higher low, regained 0.9500 barrier and kept overall bullish sentiment intact for fresh gains towards 0.9545 and key short-term barrier at 0.9593, 2012 high. Corrective action on overbought hourly conditions, holds above Fib 23.6% at 0.9465 for now, with potential further easing expected to find ground above 0.9450/40 zone. Only loss of 0.9416/00 would sideline short-term bulls.

Res: 0.9485, 0.9500, 0.9545, 0.9593
Sup: 0.9465, 0.9450, 0.9440, 0.9412

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