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

[WindsorBrokers]

EUR/USD

Extends the short-term range trading, as upside attempts remain capped at 1.4500/16 zone, previous highs / Fib 61.8% of 1.4938/1.3836 decline. However, near-term tone keeps momentum for fresh attack at 1.4500/36 barriers, clearance of which is required to expose 1.4576, 04 July high, possibly 1.4695, 07 June high, on a break. On the downside, 1.4350 offers initial support, ahead of 1.4280/58, trendline support / 19 Aug low.

Res: 1.4446, 1.4500, 1.4516, 1.4536
Sup: 1.4386, 1.4375, 1.4350, 1.4280




GBP/USD

Yesterday’s attempt towards 1.6617 high failed at 1.6571, with subsequent pullback finding support at 1.6500 zone. Short-term bulls, however, remain intact while higher platform floor at 1.6420 holds dips and keep focus on the upside, with break above 1.6571 required to expose 1.6617, 14 Aug high, above which would open way for test of key barrier at 1.6745.

Res: 1.6538, 1.6571, 1.6589, 1.6617
Sup: 1.6476, 1.6446, 1.6434, 1.6420




USD/JPY

Maintains near-term weak tone after yesterday’s brief break below 76.55 support, with upside being capped under 77.00 barrier. Further pressure came after Japan’s downgrade, pushing the pair towards 76.46, yesterday’s low, below which would signal a break below short-term range and expose 76.00/75.93 record lows. Only break above 77.00/20 zone would improve the near-term structure

Res: 76.86, 76.92, 77.20, 77.84
Sup: 76.46, 76.30, 76.00, 75.93





USD/CHF

Broke above 0.7900 barrier, previous high / bear-trendline off 0.8013 high, to extend to 0.7941, where gains were capped. Holding above 0.7900 would keep near-term positive tone in play for possible fresh attempt higher, however, wider picture’s outlook requires break above 0.8000 barrier and range ceiling, to resume short-term recovery from 0.7067 record low. On the downside, loss of 0.7900 support opens 0.7850/30 zone.

Res: 0.7941, 0.7958, 0.7987, 0.8013
Sup: 0.7900, 0.7851, 0.7837, 0.7805