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

[WindsorBrokers]

EUR/USD

Near-term price action remains at the back foot, after extending correction from 1.3500, probed levels above 1.3700, but failure to sustain gains above the latter triggered reversal. Dip below 1.3600 handle suggests further weakness and possible test of key near-term level at 1.3555, below which would signal an end of corrective phase and re-focus 1.3500. Negative near-term studies support this scenario, with 20 day MA pointing lower and capping the upside for now. Only clear break above 1.3738, yesterday’s low, would open way for stronger recovery towards 1.3800, Fibonacci level.

Res: 1.3650, 1.3704, 1.3738, 1.3800
Sup: 1.3590, 1.3555, 1.3500, 1.3427




GBP/USD

Continues to travel south after short consolidation attempt was capped under 1.5900 barrier. Today’s fresh weakness through 1.5761/50 supports is approaching 1.5700 level, below which to focus 1.5650/00 initially. Previous lows at 1.5761/72 now offer initial resistance, while key near-term barrier lies at 1.5900 zone and only break here to signal stronger recovery.

Res: 1.5761, 1.5772, 1.5800, 1.5850
Sup: 1.5713, 1.5700, 1.5650, 1.5600




USD/JPY

Trades in a narrow range after upside rejection at 77.85 sparked fresh weakness that dipped under 77.00 handle. Temporary support was found at 76.75, however, while 77.00 caps the upside, the negative near-term sentiment keeps focus to the downside, with loss of 76.75/40 supports to expose key levels at 76.00/75.93, loss of which would be very bearish.

Res: 77.06, 77.24, 77.40, 77.61
Sup: 76.75, 76.40, 76.30, 76.00





USD/CHF

Consolidates the latest rally through 200 day MA that resulted in test of main bear trendline off 1.0067, at 0.8924. Subsequent correction has so far been contained at 0.8765, 08 Sep high, with upside clearance of 0.8878, upper range boundary, needed to re-expose 0.8924 high. However, loss of 0.8765 support would signal deeper correction and open 0.8700 zone for test.

Res : 0.8878, 0.8900, 0.8910, 0.8924
Sup: 0.8785, 0.8765, 0.8750, 0.8700