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

[WindsorBrokers]

EUR/USD

Came under pressure again after past week’s positive performance. Last night’s lower opening of near 100 pips brings the pair under the main short-term bull trendline drawn off 1.3500 low, with 1.3644 low seen so far, over Fib 61.8% of 1.3500/1.3935 upleg. Corrective bounce on oversold hourly studies is under way, with initial resistance at 1.3700/10 zone, ahead of dynamic 20 day MA barrier, currently at 1.3730 and 1.3750, last Friday’s low. Below 1.3644 opens 1.3590, 14 Sep low, next.

Res: 1.3700, 1.3713, 1.3752, 1.3776
Sup: 1.3644, 1.3600, 1.3590, 1.3557





GBP/USD
Ends the recovery attempt from 1.5705, 14 Sep low, after gains were capped at 1.5830, bear trendline from 1.6453, accelerating losses after lower opening and break below 1.5705 support. Fresh low was at 1.5683 overnight, with corrective attempt on oversold hourly RSI looking for test of initial barrier at 1.5750, day’s high / hourly 20 day MA. Near-term studies below their midlines suggest further weakness, with initial target at 1.5500 zone, ahead of possible attempt at1.5400/1.5343, Jan 2011/Dec 2010 lows.

Res: 1.5744, 1.5750, 1.5771, 1.5780
Sup: 1.5705, 1.5683, 1.5650, 1.5600




USD/JPY

Continues to move within narrow range after an upside failure to break above the range. The pair currently trades within 76.55/77.00 range, with 77.00 offering strong resistance for now. Near-term outlook is slightly turned higher, however, clear break above 77.00 is required to confirm and expose 77.27 next, above which 77.85 high comes next. Loss of 77.55 to weaken the tone and focus 77.40/30, possibly 75.93, record low, on a break.

Res: 76.97, 77.06, 77.27, 77.85
Sup: 76.55, 76.40, 76.30, 76.00





USD/CHF

Returns to strength after today’s higher opening accelerated gains to 0.8833 high seen so far. Break above Fib 61.8% of 0.8926/0.8646 downleg would signal an end of correction and confirm higher low. Initial supports lie at 0.8792, day’s low and 20 day MA at 0.8787, with 0.8770, Friday’s high / bull trendline, expected to contain dips, to maintain immediate bullish tone. Above 0.8833 to open 0.8852/77 next.

Res :0.8833, 0.8852, 0.8877, 0.8900
Sup: 0.8792, 0.8770, 0.8744, 0.8723