Short Term Technical Analysis for Majors (07:00 GMT)

[WindsorBrokers]

EUR/USD

Negative sentiment continues to drive pair lower, with overnight’s break below 1.4056, 05 Aug higher low and key short-term support, now focusing 1.4013, 200 day MA / 18 July low. Break here to signal a break below med-term range from early June and look for possible full retracement of 1.3836/1.4548 bull phase. However, overextended near-term studies see scope for corrective action, with 1.4100/ offering initial resistance, ahead of 1.4170/1.4200 zone, which is expected to cap.

Res: 1.4100, 1.4150, 1.4169, 1.4200
Sup: 1.4037, 1.4013, 1.4000, 1.3950




GBP/USD

Near-term price action enters consolidative phase after yesterday’s break below strong support zone at 1.6110, 200 day MA / 11 Aug higher low / Fib 61.8%, with sustained break lower to confirm broader picture bears and expose 1.6000 zone, 18 July low, next. Corrective attempt on oversold near-term conditions faces strong barrier at 1.6180 zone, yesterday’s high / 20 day MA, with reversal below here required to maintain bears. Otherwise, clearance of 1.6180/1.6200, would risk stronger correction and open 1.6250.

Res: 1.6184, 1.6207, 1.6251, 1.6265
Sup: 1.6065, 1.6040, 1.6000, 1.5970




USD/JPY

Remains in a directionless, narrow range trade in past one month. Near-term indicators are still flat and lacking direction, with similar configuration on the wider picture outlook. The recent price action is stuck in a narrowing range, currently between 76.40 and 77.00 levels, with break of either side to possibly signal further movements.

Res: 76.84, 76.95, 77.00, 77.25
Sup: 76.68, 76.51, 76.41, 76.30





USD/CHF

Maintains near-term positive structure off 0.7710, 02 Sep low, where pullback from 0.8239 found temporary support. Break above 0.7911, yesterday’s high / Fib 38.2%, holds near-term bulls in play, with regain of 0.8000/35 needed to confirm higher low and open way for upside extension towards 0.8086/0.8120. Only loss of 0.7840/20 would weaken the near-term tone.

Res :0.7945, 0.7959, 0.7993, 0.8023
Sup: 0.7900, 0.7859, 0.7837, 0.7820