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

[WindsorBrokers]

EUR/USD

Negative news from Italy and Greece continue to pressure the pair, as recovery attempt after yesterday’s brief break under 1.3600/1.3590 support zone was once more capped just above 1.3700. Fresh weakness brought the price back to 1.3600 area, with negative sentiment keeping focus at the downside. Loss of 1.3585, yesterday’s low, to open 1.3555, then key near-term level at 1.3500. On the upside, 1.3700 zone remains as key barrier and expected to cap for now.

Res: 1.3646, 1.3695, 1.3720, 1.3752
Sup: 1.3600, 1.3590, 1.3557, 1.3500





GBP/USD

Overall outlook remains firmly bearish, with yesterday’s sharp fall to a fresh 9-month low at 1.5632. Corrective action from here was initially capped at 1.5725, with subsequent reversal being contained at 1.5655. Near-term price action sees scope for renewed upside attempt but clearance of 1.5725 high and strong resistance at 1.5755, yesterday’s highs / 4-hour 20 day MA / trendline resistance, is required to signal further recovery, otherwise fresh extension of the broader bear-trend would be the likely scenario.

Res: 1.5725, 1.5755, 1.5771, 1.5780
Sup: 1.5655, 1.5632, 1.5600, 1.5554




USD/JPY

Turns the near-term negative after repeated failures to break above the one-month range and sustain gains above 77.00 barrier. As a result, fresh weakness tested range’s floor at 76.30, with potential for attempt at key supports at 76.00/75.93, record low zone seen in a near-term. Upside remains capped by 20 day MA, currently at 76.70 and 77.00 barrier.

Res: 76.59, 76.75, 76.97, 77.27
Sup: 76.44, 76.30, 76.00, 75.93





USD/CHF

Maintains short-term bullish tone after bounce from 0.8646, 15 Sep higher low, regained 200 day MA at 0.8820, but gains were limited at 0.8875, just ahead of main trendline resistance at 0.8892. Corrective pullback faces strong support at 0.8790 zone, with reversal here required to maintain immediate bulls, otherwise, loss of the latter would open way for stronger correction.

Res :0.8866, 0.8873, 0.8900, 0.8926
Sup: 0.8800, 0.8792, 0.8770, 0.8744