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

[WindsorBrokers]

EUR/USD

Maintains short-term negative tone after today’s opening nearly 100 pips below last Friday’s close signaled fresh weakness. Losses extended to hit fresh 7-month low at 1.3500. Corrective attempt on overextended near-term conditions is under way, with initial resistance at 1.3625 zone, today’s high / Friday’s low, with upside seen limited for now, as near-term indicators are firmly bearish. Below 1.3500 to focus 1.3427, 13 Feb low.

Res: 1.3600, 1.3625, 1.3652, 1.3700
Sup: 1.3500, 1.3427, 1.3407, 1.3365




GBP/USD

Continues to travel south after failure to regain 1.6000 barrier, with sustained break below 1.5900, extending losses to post fresh two month low under 1.5800 level. Immediate focus is at key support at 1.5779, 12 July low. Near-term indicators continue to point lower, but entered oversold zone, with 4-hour chart MACD bearish divergence, signaling possible correction. Initial resistance lies at 1.5860, today’s high / 20 day MA, ahead of strong barrier at 1.5900 zone.

Res: 1.5843, 1.5860, 1.5900, 1.5950
Sup: 1.5791, 1.5779, 1.5750, 1.5700




USD/JPY

Failed to maintain recent positive sentiment, with upside rejection at 77.85, just above previous high at 77.70, triggering strong reversal. Loss of initial support at 77.00 may signal return to the previous range, however, break below 76.40 initial support would risk test of 76.00, below which would turn the tone bearish.

Res: 77.09, 77.61, 77.71, 77.85
Sup: 76.71, 76.40, 76.00, 75.93





USD/CHF

Confirms the short-term bullish structure after today’s higher open and the latest gains’ break above 200 day MA, to test main bear- trendline at 0.8924, also Fib 61.8% of 1.0064/0.7067 descend.. Break here to open way for test of the next important barrier at 0.8944, 13 May high. Near-term studies remain bullish, but overbought, with corrective pullback not ruled out. Initial supports lie at 0.8855/00 zone.

Res : 0.8926, 0.8944, 0.9007, 0.9050
Sup: 0.8872, 0.8855, 0.8800, 0.8773