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

[WindsorBrokers]

EUR/USD

Failed to test key barrier at 1.4579, with subsequent reversal under 1.4400 mark puts near-term bulls on hold. Current test of bull trendline at 1.4340 and strong supports at 1.4323 higher platform, increases risk of deeper correction in case of break below the latter, to open way for test of 1.4281/71, 14 July high / Fib 38.2% of 1.3836/1.4536 ascend. 20 day MA at 1.4425 maintains near-term bear tone.

Res: 1.4376, 1.4400, 1.4438, 1.4470
Sup: 1.4329, 1.4323, 1.4300, 1.4281




GBP/USD

Remains in a near-term corrective mode, after upside rejection at 1.6440 triggered pullback. Break below 1.6338/20, previous high / main trendline support, softens the tone, with loss of 1.6300 handle to risk further retracement of short-term rally from 1.5779 and open 1.6260 higher platform and daily 90 day MA. Below here 1.6190, previous high posted on 14 July / Fib 38.2%, comes in focus. On the upside, immediate resistance lies at 1.6365/90 zone, with potential break here to re-focus 1.6440.

Res: 1.6343, 1.6365, 1.6390, 1.6440
Sup: 1.6308, 1.6300, 1.6260, 1.6234




USD/JPY

Corrective attempt from 77.56, fresh four-month low, was so far capped by 20 day MA at 78.16, with subsequent weakness losing 78.00 handle and looking for retest of 77.56. Break here risks a resumption of broader downtrend, with pre-intervention low at 76.32, posted on 16 Mar, in short-term focus. Yesterday’s high at 78.16 caps for now.

Res: 78.00, 78.16, 78.45, 78.67
Sup: 77.56, 76.94, 76.32, 76.00





USD/CHF

Remains in a near-term narrow range sideways trade, after posting fresh historical low at 0.7994 yesterday. Current consolidation is seen preceding fresh leg lower, as near-term studies remain negative, with 0.7950/00 in focus. On the upside, only regain of 0.8075 would ease immediate bear pressure, while break above 0.8276 would psovide short-term relief.

Res: 0.8045, 0.8076, 0.8100, 0.8135
Sup: 0.7994, 0.7950, 0.7900, 0.7850