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

[WindsorBrokers]

EUR/USD

Remains at the back foot after consolidation from 1.4150 faced strong resistance at yesterday’s high at 1.4281 and subsequent weakness briefly exceeded previous low to post fresh one at 1.4142, just ahead of our first target at 1.4137, 21 July low. Near-term bears remain intact while 1.4280/90, yesterday’s high / 4-hour 20 day MA limit the upside, with scope for further weakness towards 1.4100/1.4067 zone, Fib 61.8% of 1.3836/1.4536 ascend / 19 July low, to confirm lower top at 1.4536 and continue broader downtrend from 1.4938.

Res: 1.4248, 1.4281, 1.4300, 1.4345
Sup: 1.4142, 1.4137, 1.4100, 1.4067




GBP/USD

Near-term outlook remains negative after pullback from 1.6474, 01 Aug high, broke below higher platform at 1.6260 to post new low at 1.6223. Immediate downside targets lie at 1.6206/1.6192, Fib 38.2% of 1.5779/1.6474 ascend / 14 July high, while yesterday’s high at 1.6328 and 20 day MA at 1.6337 cap. However, broader picture shows the uptrend still intact, with reversal at/above 1.6200 zone, Fib 38.2% / daily 55 day MA, required to continue bulls from 1.5779, 12 July low.

Res: 1.6302, 1.6328, 1.6350, 1.6387
Sup: 1.6263, 1.6250, 1.6223, 1.6206




USD/JPY

Remains in a near-term corrective mode after extending broader bear trend through previous low at 76.87, to test previous all-time low at 76.32, posted on 16 Mar and hit marginally fresh record low at 76.28. Corrective bounce has so far regained 77.81, just ahead of 78.00, strong barrier, break of which is required to ease bear pressure and open way for stronger recovery towards 78.16/45 next. Holding below 77.81, however, would signal a lower top and resumption of downtrend.

Res: 77.39, 77.81, 78.03, 78.16
Sup: 76.96, 76.82, 76.58, 76.28





USD/CHF

Extended the broader downtrend after ending the near-term consolidation at 0.8000 zone, to post fresh historical low at 0.7608 today. Corrective bounce is now under way, with initial barrier at 0.7825/55, 20 day MA / yesterday’s high. However, regain of 0.8000 zone is required to signal stronger recovery, otherwise, lower top and resumption of the downtrend would be the likely scenario.

Res: 0.7800, 0.7825, 0.7855, 0.7900
Sup: 0.7666, 0.7626, 0.7608, 0.7600