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

[WindsorBrokers]

EUR/USD

Consolidates around 1.4300, previous support area, after fresh losses through the latter extended to retrace 61.8% of 1.4102/1.4576 ascend at 1.4285, yesterday’s low. Near-term studies remain skewed to the downside, as daily outlook loses momentum. Corrective action on oversold hourly conditions is for now seen capped at 1.4400/35 zone, with fresh weakness through 1.4285 to target 1.4236/00, ahead of trendline support at 1.4165.

Res: 1.4346, 1.4369, 1.4396, 1.4435
Sup: 1.4310, 1.4285, 1.4236, 1.4200




GBP/USD

Remains under pressure after fully retracing the latest recovery attempt from 1.5947, yesterday’s low, that stalled at 1.6017 and subsequent weakness posted fresh low at 1.5943 today. Negative near-term picture favors further losses, with key support at 1.5910 in focus, as pair continues to channel lower from 1.6745 and broke below 200 day MA, on a daily chart. On the upside, immediate barrier lies at 1.6000 zone, while 20 day MA, currently at 1.6055, is expected to cap corrective attempt. Regain of key short-term barrier at 1.6139 would improve and signal fresh strength.

Res: 1.6000, 1.6017, 1.6038, 1.6048
Sup: 1.5943, 1.5910, 1.5880, 1.5821




USD/JPY

Is trading in a near-term sideways mode after failure to hold gains above 81.00 mark triggered reversal through triangle support. Temporary support was so far found at 80.75, just ahead of 80.70 support, keeping hopes of fresh attack at/through 81.00 barrier, to focus key short-term level at 81.26, break of which is needed to maintain recovery phase from 79.68 and expose 81.76/82.20 resistances. On the downside, loss of 80.70 weakens near-term tone for 80.25/00.

Res: 81.00, 81.09, 81.18, 81.26
Sup: 80.75, 80.69, 80.52, 80.25





USD/CHF

Near-term price action is entrenched in a narrow range around 0.8400 level, after reversal from 0.8524, fresh two-week high, erased over 61.8% of 0.8273/0.8524 rally, to hit 0.8362 low thus far. Near-term tone remains negative, with initial barrier at 0.8440, yesterday’s high / 20 day MA, limiting the upside. Loss of 0.8362 to open 0.8337/00 zone for retest, ahead of historical low at 0.8273. On the upside, regain of 0.8440/50 would improve near-term picture, however, clearance of 0.8550 is required to signal fresh recovery.

Res: 0.8441, 0.8456, 0.8470, 0.8504
Sup: 0.8362, 0.8337, 0.8304, 0.8273