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

[WindsorBrokers]

EUR/USD

Resumes short-term uptrend from 1.3836, 12 July low, after gains were capped at 1.4437, last Friday’s high and subsequent correction found support above 1.4300 handle. Fresh rally through 1.4437/40, previous high / main trendline resistance, is attempting through 1.4500 barrier, for test of important resistance at 1.4576, 04 July high, break of which would signal an end of medium-term corrective phase off 1.4938. Overbought near-term studies suggest corrective pullback ahead of fresh strength, with 1.4437 offering initial support and 20 day MA, currently at 1.4374, underpinning the advance. Only loss of 1.4323, yesterday’s higher platform, would delay in favor of stronger reversal.

Res: 1.4521, 1.4552, 1.4576, 1.4600
Sup: 1.4466, 1.4437, 1.4416, 1.4400




GBP/USD

Maintains short-term bull-trend after short consolidation phase off 1.6338, 22 July high was contained by 20 day MA at 1.6265 and fresh strength through 1.6338 attempting towards 1.6400 barrier. Pullback on overbought hourly conditions needs to hold above 1.6260, yesterday’s higher platform / main trendline support, to keep immediate bulls in play, otherwise, risk would be for a deeper reversal towards levels below 1.6200 mark.

Res: 1.6343, 1.6374, 1.6400, 1.6440
Sup: 1.6343, 1.6328, 1.6300, 1.6265




USD/JPY

Extends short-term bears, breaking below 78.00 support and hit fresh low at 77.88. Subsequent strong bounce to 78.67 was short-lived as returned to weakness, trading below 78.00. Immediate focus is at 77.88, overnight’s low, with break here, to open way towards 76.32, 16 Mar record low. Extended daily studies, however, may see scope for stronger correction, with regain of 79.60 barrier required to improve short-term outlook.

Res: 78.00, 78.41, 78.67, 79.00
Sup: 77.88, 77.50, 76.94, 76.32





USD/CHF

Dipped below 0.8000 mark, to post fresh all-time low at 0.7996, ahead of corrective bounce. Previous low at 0.8073 offers initial resistance, ahead of 0.8135/40, 21 July low / 20 day MA, where a lower top is anticipated, to maintain bear structure, however, only regain of 0.8276 would ease immediate bear pressure. On the downside, targets lie at 0.7950/00 zone.

Res: 0.8076, 0.8100, 0.8135, 0.8167
Sup: 0.7996, 0.7950, 0.7900, 0.7850