Short Term Technical Analysis for Majors (07:00 GMT)

[WindsorBrokers]

EUR/USD

Remains in a steep downtrend from 1.4496, 14 June high, losing key supports at1.4320/00, to accelerate losses to probe levels under 1.4100 level. Fresh 3-week low was reached at 1.4089 this morning, ahead of 1.4067/12, 26/25 May low, loss of which would attract 1.3968, key short-term support, for retest. Overextended hourly / 4-hour studies suggest corrective action, with 1.4200, overnight high and hourly 20 day MA, expected to cap for now. Wider picture outlook also weakened, as 100 day MA at 1.4155 was lost.

Res: 1.4155, 1.4200, 1.4256, 1.4300
Sup: 1.4089, 1.4067, 1.4012, 1.4000




GBP/USD

Upside rejection at 1.6440 has triggered sharp decline through 1.6240, triangle support and 1.6215, 10 June low, also losing 1.6200 handle, to extend losses close to 1.6131, next target and 25 May low. Further downside action is seen towards key level at 1.6057, 24 May low and recent range floor, loss of which would weaken the broader structure and confirm short-term top at 1.6745. on the upside, immediate resistance lies at 1.6220, while 1.6300 zone caps for now.


Res: 1.6215, 1.6224, 1.6272, 1.6300
Sup: 1.6144, 1.6131, 1.6100, 1.6057




USD/JPY

Near-term price action off 79.68/80.00 cleared strong barrier at 80.70, also trendline off 82.20, to reach 81.05 high thus far, ahead on pullback, as near-term studies entered overbought zone. Immediate support lies at 80.50/40 zone, 20 day MA / yesterday’s low, and reversal at this point required to keep near-term bulls in play for renewed attempt through 81.00, to open 81.76/82.20, key barriers. Loss of 80.40, however, would delay for 80.20, Fib 61.8 and important 80.00 handle, below which would end recovery phase and confirm lower top at 81.05.

Res: 81.05, 81.31, 81.76, 82.00
Sup: 80.50, 80.37, 80.20, 80.00





USD/CHF

Steady recovery from 0.8325/45 low, extended gains to test key near-term barrier at 0.8544/50 zone. Current corrective/consolidative phase on overbought near-term conditions, should be contained at 0.8480/50 support zone, also Fib 50%, to maintain near-term bulls. Clearance of 0.8550 would open way for fresh extension higher and target 0.8600/60 next. On the downside, potential loss of 0.8450, also 20 day MA, would risk fresh weakness below 0.8400 and likely signal an end of recovery phase.

Res: 0.8550, 0.8600, 0.8660, 0.8700
Sup: 0.8480, 0.8466, 0.8455, 0.8440