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

[WindsorBrokers]

EUR/USD

Corrective attempt from yesterday’s fresh 7-month low at 1.3500 has so far been capped at 1.3680/90 zone, Fib 23.6% retracement of 1.4278/1.3500 descend. Near-term structure keeps the bullish tone alive, however, clearance of 1.3700/20 zone is required to confirm and resume correction towards 1.3796, Fib 38.2%. Wider picture, however, remains bearish, but daily RSI entering oversold zone.

Res: 1.3680, 1.3700, 1.3725, 1.3787
Sup: 1.3620, 1.3600, 1.3555, 1.3500




GBP/USD

Trades in a corrective/consolidative mode after hitting fresh low at 1.5772, with upside capped below 1.5900, key near-term barrier, for now. Sustained break here is needed to signal further recovery and open 1.6000, then 1.6030, Fib 38.2% of 1.6453/1.5772, ahead of 1.6082, 08 Sep high. However, near-term studies keep the downside in focus while 20 day MA, currently at 1.5908, stays above the price.

Res: 1.5868, 1.5885, 1.5900, 1.5950
Sup: 1.5800, 1.5784, 1.5772, 1.5750




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, as the latest push higher failed at 77.40. However, break below 76.40 initial support would risk test of 76.00, below which would turn the tone bearish.

Res: 77.24, 77.40, 77.61, 77.71
Sup: 76.96, 76.74, 76.40, 76.00




USD/CHF

Confirms the short-term bullish structure after today’s higher open and the recent 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, however, corrective pullback on overbought conditions has so far tested initial support at 0.8800. Further easing into 0.8770/00 zone is not ruled out, before bulls re-assert for fresh leg higher.

Res : 0.8879, 0.8910, 0.8926, 0.8944
Sup: 0.8800, 0.8785, 0.8750, 0.8700