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

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EUR/USD

Extends weakness from 1.4576 high after brief consolidation at 1.4300 zone, losing 1.4236, 28 June low, to reach 1.4220 low so far. Further decline looks for test of trendline from 1.3968, currently at 1.4168, loss of which would confirm top at 1.4576 and open 1.4100/1.4073 lows for test. Today’s consolidative range ceiling at 1.4346 offers initial resistance, ahead of strong barrier at 1.4400 zone.

Res: 1.4346, 1.4369, 1.4396, 1.4435
Sup: 1.4220, 1.4200, 1.4168, 1.4102




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

Returns to strength, after false break below main short-term trendline found support at 80.80/70 zone, with fresh rally regaining 81.00/26 barriers. This increases hopes for further recovery and extension of broader uptrend from 79.68/80.00 lows. Key upside levels are 81.76 and 82.20, along with 200 day MA, currently at 82.08.

Res: 81.50, 81.76, 82.08, 82.20
Sup: 81.09, 80.88, 80.75, 80.69





USD/CHF

Bounces higher after reversal from 0.8524 found temporary support at 0.8380/70 zone. Fresh rally spiked to the levels just under 0.8500, signaling possible resumption of recovery from 0.8273/0.8304, interrupted by 0.8524/0.8370 correction. To confirm this, regain of 0.8524 is required, with clearance of key short-term barrier at 0.8550 to suggest possible basing for fresh recovery phase. Rejection under 0.8500/24, however, risks lower top and fresh weakness, with break below 0.8360 to bring near-term bears back in play.

Res: 0.8493, 0.8504, 0.8524, 0.8450
Sup: 0.8400, 0.8378, 0.8362, 0.8337