Short Term Technical Analysis for Majors (13:30 GMT)

[WindsorBrokers]

EUR/USD

Hovers at 1.4400 zone after fresh strength from 1.4360 stalled near 1.4450, 50% retracement of 1.4938/1.3968 downleg. Near-term structure remains positive while 1.4400/1.4360 supports hold, as the wider picture outlook points higher, with break above 1.4450 sought for fresh extension towards 1.4500 and 1.4565, Fib 61.8% retracement.

Res: 1.4446, 1.4500, 1.4564, 1.4584
Sup: 1.4383, 1.4360, 1.4325, 1.4300




GBP/USD

Extends reversal from 1.6546, yesterday’s fresh 3-week high, after losing 1.6400 handle, with 1.6375 seen so far. Immediate outlook turned bearish, with scope for downside attempt at 1.6360, Fib 38.2% and 1.6330, while loss of 1.6300 support to signal short-term top, ahead of fresh weakness. On the upside, regain of 1.6500 is needed to re-focus 1.6546 and signal an end of corrective phase. Above 1.6546 to open 1.6573/81 next.

Res: 1.6422, 1.6500, 1.6546, 1.6573
Sup: 1.6375, 1.6360, 1.6330, 1.6300




USD/JPY

Weakens the near-term tone after pullback from yesterday’s strong rally high at 81.76 lost 81.00 handle, breaking below daily Ichimoku cloud, to hit 80.80, just above key near-term support at 80.70. Loss of the latter would signal lower top at 81.76 and possible retest of 80.33/15 support levels. On the upside, reclaim of 81.76 is needed to open 81.90/82.20, strong resistance zone for test.

Res: 81.50, 81.76, 81.88, 82.00
Sup: 80.80, 80.70, 80.33, 80.15





USD/CHF

Starts fresh leg lower after minor recovery attempt from 0.8463, previous record low was capped at 0.8550 zone and subsequent fall extended losses through 0.8463, to approach 0.8400 target. Negative near-term studies keep further extension lower favored but extremely oversold hourly studies suggest correction. Immediate resistance lies at 0.8463, while only break above 0.8550 would improve near-term tone.

Res: 0.8463, 0.8500, 0.8544, 0.8584
Sup : 0.8400, 0.8350, 0.8300, 0.8250