Short Term Technical Analysis for Majors (07:30 GMT)

[WindsorBrokers]

EUR/USD

Trades in a consolidative mode, following the recent strong rally to 1.4437 last Friday. Short-term bulls remain in play for now and looking for retest of 1.4437, above which opens 1.4450, main trendline resistance, drawn off 1.4938 / daily Ichimoku cloud upper boundary, then psychological barrier at 1.4500 and 1.4576, 04 July peak. Immediate support lies at 1.4323, Friday’s low, with 20-day MA at 1.4310, underpinning. Loss of 1.4281, 14 July previous high, would signal a temporary top and allow for stronger correction towards 1.4250, Fib 38.2% of 1.3836/1.4437 ascend and main trendline support at 1.4215.

Res: 1.4416, 1.4437, 1.4450, 1.4500
Sup: 1.4341, 1.4323, 1.4310, 1.4281




GBP/USD

Short-term structure maintains positive tone after strength from 1.5779, 12 July low, broke above main trendline and channel resistance at 1.6220, to extend gains to 1.6343, just under Fib 61.8% of 1.6745/1.5779 descend at 1.6374. Current narrow-range consolidation is seen preceding fresh push higher, to target levels above 1.6400 barrier. Corrective dips need to be contained by 20 day MA, currently at 1.6236 and trendline support / previous high at 1.6200 zone, to maintain immediate bulls, otherwise, deeper reversal into 1.6130/1.6060, Fib 38.2% / 50% levels, would likely scenario.

Res: 1.6343, 1.6374, 1.6400, 1.6440
Sup: 1.6263, 1.6247, 1.6200, 1.6169




USD/JPY

Extends short-term bears after breaking below consolidative range floor at 79.55, to bottom at 78.45. Recovery attempt was short-lived, as gains were capped at 79.60 and fresh weakness dipped under 78.45, to hit 78.13 so far, with 76.32, 16 Mar pre-intervention low in sight. 20 day MA at 78.62, maintains negative tone, while only break above 79.55/60 would ease immediate bear pressure in favor of stronger correction into 80.00 zone.

Res: 79.00, 79.30, 79.55, 79.65
Sup: 78.13, 78.00, 76.94, 76.32





USD/CHF

Completes the near-term correction off 0.8073, as gains stalled at 0.8276 and subsequent decline broke below 0.8073, to post fresh record low. This keeps broader bear tone firmly in play, as daily studies point lower. On the downside, 0.8000 comes in focus, while 0.8130/50 zone caps.

Res: 0.8100, 0.8112, 0.8135, 0.8153
Sup: 0.8061, 0.8050, 0.8000, 0.7950