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

[WindsorBrokers]

EUR/USD

Yesterday’s break through 1.4200 barrier was capped at 1.4216, with subsequent pullback being contained above 1.4100 mark, keeping near-term positive tone in play. Hourly studies are regaining momentum for fresh attempt at 1.4200/16 resistance zone, clearance of which is required for retest of key barrier at 1.4281, to signal a resumption of latest uptrend from 1.3836. Downside is for now seen supported by 20 day MA at 1.4126 and yesterday’s low at 1.4107, loss of which would soften the near-term tone .

Res: 1.4200, 1.4216, 1.4247, 1.4281
Sup: 1.4132, 1.4107, 1.4067, 1.4013




GBP/USD

Near-term price action is for now capped under 1.6200 zone, 14 July high / daily 55 day MA, along with bear channel resistance line at 1.6230, as current remains in narrow range sideways trading. Near-term studies are pointing lower and loss of 1.6100 handle would signal fresh weakness 1.6054/00 initially. Only clear break above 1.6200/30 improves and opens way for test of 1.6261/1.6300.

Res: 1.6130, 1.6176, 1.6192, 1.6230
Sup: 1.6103, 1.6080, 1.6054, 1.6040




USD/JPY

Returns to the recent range bottom after overnight’s fresh strength attempted to break above the range, but gains were capped at 79.30. Loss of 78.80 would signal an end of current directionless phase and likely resume the broader bear trend towards 78.45 low initially, with break here to open way for test of pre-intervention low at 76.32, short-term. On the upside, only regain of 79.60/80.00 would improve the near-term outlook.

Res: 79.30, 79.59, 79.68, 80.00
Sup: 78.80, 78.55, 78.45, 78.00





USD/CHF

Near-term outlook shows a return to strength after finding ground just above fresh record low, with break above 0.8200,near-term range top, regaining initial barrier 0.8273. Next targets lie 0.8300/25 zone, above which would signal stronger recovery ahead. Corrective dips, however, need to be contained at 0.8200 zone, to keep near-term bulls in play. Wider picture show the key short-term barrier at 0.8520/50 zone, and failure to regain the latter, would risk a lower top and fresh leg lower of a longer-term downtrend.

Res: 0.8276, 0.8309, 0.8325, 0.8362
Sup: 0.8200, 0.8174, 0.8162, 0.8150