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

[WindsorBrokers]

EUR/USD

Maintains near-term positive structure off 1.3500, fresh seven-month low, posted on 12 Sep. Series of higher highs and lower lows extend the correction with 1.3782 high seen so far, just under 1.3800, Fib 38.2% of 1.4278/1.3500 downleg. Break here is required to confirm recovery and open way towards 1.3838/70 next. Trendline support at 1.3635 offers the main near-term support, while break above hourly 20 day MA on hourly chart and 9/14 day MA’s above the latter, keep focus at the upside. However, longer-term outlook remains bearish while below 1.4000 resistance zone.

Res: 1.3756, 1.3782, 1.3800, 1.3838
Sup: 1.3702, 1.3635, 1.3590, 1.3557




GBP/USD

Near-term price action is seen trapped in a narrow range sideways trading, after posting fresh low at 1.5705 yesterday. Broader bear-trend remains intact while key barrier at 1.5900 zone is intact. Near-term outlook is seen capped by 20 day MA, currently at 1.5776 caps, with break here and 1.5800 zone required to signal stronger correction.
On the downside, break below 1.5705 opens further weakness towards 1.5650/00.

Res: 1.5776, 1.5813, 1.5850, 1.5885
Sup: 1.5745, 1.5705, 1.5650, 1.5600




USD/JPY

Extends the near-term weakness after recovery attempt failed to regain 77.00 barrier and fresh losses broke below initial support at 76.74. This would further weaken near-term tone and expose key support zone at 76.50/30, loss of which to signal a downside break of the recent range and test of 75.93, 19 Aug fresh record low. Near-term outlook keeps the downside, with 20 day MA, currently at 76.91, maintaining bear-tone.

Res: 76.79, 76.95, 77.06, 77.24
Sup: 76.59, 76.50, 76.40, 76.30





USD/CHF

Trades in a corrective mode after the latest rally through 200 day MA that resulted in test of main bear trendline off 1.0067 at 0.8924. Succession of marginally lower lows and lower highs, keeps the near-tern corrective tone off 0.8924 in play, as wider picture’s conditions are overextended. On the downside, 0.8700 zone is seen next, ahead of Fib 23.6% at 0.8670. Hourly 20 day MA, currently at 0.8800 maintains the tone, while only break above today’s high at 0.8852 improves.


Res :0.8795, 0.8819, 0.8852, 0.8877
Sup: 0.8727, 0.8706, 0.8670, 0.8625