Short Term Technical Analysis for Majors (14:00 GMT)

[WindsorBrokers]

EUR/USD

Today’s sharp rally from fresh low at 1.4037, proved to be false break, despite regaining levels close to Fib 50% of 1.4548/1.4037 downleg. Gains stalled at 1.4278 and subsequent sell-off completely reversed the rally, to slightly exceed previous low, posting the fresh one at 1.4027. This keeps the broader bear structure in play, with key supports at 1.4013, 200 day MA / 18 July low, in sight.

Res: 1.4100, 1.4117, 1.4158, 1.4196
Sup: 1.4027, 1.4013, 1.4000, 1.3950




GBP/USD

Returns to weakness after today’s rally regained initial 1.6180/1.6200 resistance zone, but upside rejection at 1.6200, just ahead of Fib 76.4% of 1.6250/1.6061 decline, triggered sharp reversal. Loss of 1.6061 low extended losses to 1.6017 so far, ahead of our next target at 1.6004, 18 July low. Near-term studies remain negative, but overextended conditions suggest possible correction before fresh leg lower. Wider picture outlook remains bearish, as break below 200 day MA favors possible retest of 1.5779, 12 July low in short-term.

Res: 1.6063, 1.6086, 1.6100, 1.6153
Sup: 1.6017, 1.6000, 1.5970, 1.5903




USD/JPY

Today’s fresh rally through upper one-month range boundary at 77.00/25 zone, has so far reached 77.60, just under previous high at 77.68, posted on 25 Aug. Holding above 77.00 mark, also 20 day MA, keeps near-term positive structure in play for possible fresh attack at key near-term barriers at 80.00/23. Loss of 77.00 support, however, would signal an end of recovery attempt and return to range trade.

Res: 77.60, 77.68, 77.84, 78.45
Sup: 77.00, 76.71, 76.51, 76.41





USD/CHF

Maintains near-term positive structure off 0.7710, 02 Sep higher low, after strong rally from today’s low at 0.7840 surged through previous high at 0.8239 to hit fresh high at 0.8570, Fib 50% of 1.0067/0.7067 decline, levels last seen in late May. This turns short-term outlook positive, with focus at 200 day MA, currently at 0.8868, with 0.8944, 13 May high / trendline off 1.0064 high, seen on a break. Previous high at 0.8239 offers initial support.

Res :0.8570, 0.8600, 0.8700, 0.8746
Sup: 0.8437, 0.8400, 0.8300, 0.8239