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Short Term Technical Analysis for Majors (08:20 GM
WindsorBrokers Senior	20-Oct-2010 16:53 WindsorBrokers About Contact Quote this Post!
x 0 x 0 Alert Admin	EUR/USD Extended reversal from 1.4156 spike high, after leaving a lower top at 1.4003 and falling through key near-term support at 1.3774. This has completed and hourly head and shoulders pattern, reaching 1.3696 low, ahead of bounce. This is seen corrective while 1.4003 hold, with lower top below here ahead of fresh weakness through 1.3696 towards 1.3636, 05 Oct low, seen as likely scenario. Res: 1.3830, 1.3883, 1.3957, 1.4003 Sup: 1.3696, 1.3680, 1.3636, 1.3602 http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20101020081945.gif GBP/USD Broke below 1.5754/1.5668 key support levels, as well as testing the trendline off 1.4344, June low, currently at 1.5720, to confirm forming of a top. Market has so far tested 1.5649, with fresh extension towards 1.5610/02, Sep lows/61.8% retracement of 1.5295/1.6105 upleg, now favored. Previous low at 1.5836 should the upside attempts. Res: 1.5754, 1.5773, 1.5836, 1.5861 Sup: 1.5640, 1.5610, 1.5602, 1.5503 http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20101020081917.gif USD/JPY Corrective/consolidative phase off 80.88 yearly low, failed at 81.91 yesterday, just under one month trendline resistance, ahead of fresh weakness. Break below trendline support at 81.33 now increases risk of retest of 80.88 and fresh weakness. However, higher low above 80.88 would keep hopes of fresh push higher and break through 81.91 to open key near-term resistance at 82.34, 12 Oct high. Res: 81.66, 81.88, 81.91, 82.34 Sup: 81.12, 80.88, 80.50, 80.00 http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20101020081849.gif USD/CHF Corrective attempt off 0.9461, all-time low, reached 0.9755 high so far, though break above Aug/Oct channel resistance, currently at 0.9800 is required to resume recovery. Correction lower is now under way, with 0.9648/29 offering support, ahead of trendline support at 0.9597. Break here would signal fresh weakness and possible return to 0.9461. Res: 0.9726, 0.9755, 0.9788, 0.9800 Sup: 0.9658, 0.9648, 0.9629, 0.9597 http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20101020081805.gif
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