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

[WindsorBrokers]

EUR/USD

Today’s sharp reversal from 1.4293 was contained by trendline support at 1.4137, with subsequent bounce fully retracing losses. Break above strong resistance zone at 1.4300, daily 55 day MA / Fib 61.8% of 1.4576/1.3836 decline, signals fresh phase higher, with 1.4350, daily 90 day MA and 1.4373, 07 July high, in focus. Near-term studies are approaching overbought zone, with corrective pullback seen preceding fresh gains. Dips need to be contained above 1.4240, to maintain immediate bullish structure. Key support lies at 1.4140, trendline support / today’s low.

Res: 1.4350, 1.4373, 1.4400, 1.4465
Sup: 1.4300, 1.4274, 1.4245, 1.4216




GBP/USD

Rallies through key barriers at 1.6200/20 zone, 14 July high / daily 55 day MA ; main bear trendline, to extend gains through daily 90 day MA at 1.6250 and previous high of 22 June at 1.6261. This would signal bottom at 1.5779 and open way for gains through 1.6400, towards 1.6440/70, 14/07 June highs. Near-term structure is supported at 1.6200, ahead of dynamic support at 1.6130, 20 day MA on 4-hour chart.

Res: 1.6400, 1.6440, 1.6470, 1.6500
Sup: 1.6234, 1.6200, 1.6169, 1.6120




USD/JPY

Maintains negative short-term bias as recovery attempts were capped at 79.60/30 zone and fresh weakness broke below the recent price range. Immediate focus lies at 78.45, 13/14 July double bottom, loss of which to resume broader downtrend from 85.50 and expose 76.32, 16 Mar low. To ease current bear pressure, regain of minimum 79.55/80.00 is required.

Res: 79.00, 79.30, 79.59, 79.68
Sup: 78.61, 78.45, 78.00, 76.50





USD/CHF

Weakens the near-term structure as gains stall at 0.8276, previous low and subsequent reversal broke below main near-term trendline support at 0.8195. Further downside extension below 0.8176 would confirm near-term top at 0.8276, and further soften tone for test of 0.8150 and possible test of 0.8073 fresh record low.

Res: 0.8207, 0.8235, 0.8253, 0.8276
Sup: 0.8176, 0.8162, 0.8150, 0.8112