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

[WindsorBrokers]

EUR/USD

Today’s gap open marks full retracement of the near-term recovery phase from 1.3361, 26 Sep low, also Fib 76.4% of 1.2872/1.4938 ascend and confirms short-term downtrend from 1.4548, 29 Aug high. Break below 1.3332, 06 Aug 2010 high, looks for test of initial support at 1.3300, below which opens 1.3243, 16 Jan low, with potential attempt towards 1.3000 not ruled out. Overextended hourly studies, however, suggest corrective bounce before bears resume, with 1.3360 zone offering initial resistance, ahead of Friday’s / 22 Sep lows at 1.3383 and 20 day MA at 1.3400 zone. Only regain of lower high at 1.3460 would ease immediate bear pressure and signal stronger correction.

Res: 1.3365, 1.3383, 1.3400, 1.3415
Sup: 1.3312, 1.3300, 1.3243, 1.3200




GBP/USD

Extends near-term bear-trend after gains from 1.5326, 22 Sep low, were capped at 1.5700 zone. Loss of 1.5540/30, 29/30 Sep lows and psychological support at 1.5500, sees scope for further weakness, with clearance of 1.5475, Fib 61.8% of 1.5326/1.5714 upleg, required to accelerate losses towards 1.5430/20, 26/22 Sep lows and figure support at 1.5400, with key level at 1.5326 to come in focus on a break. Corrective bounce on oversold hourly conditions faces strong resistance at 1.5580/1.5600 zone, where gains should be capped.

Res: 1.5531, 1.5545, 1.5583, 1.5600
Sup: 1.5490, 1.5475, 1.5430, 1.5420




USD/JPY

Friday’s close above 77.00 barrier maintains near-term positive tone for fresh attempt to break above the seven-week range. Previous high of 77.27, posted on 15 Sep, has so far been tested, with 77.00 level containing dips, ahead of fresh attempt towards initial barriers at 77.85/78.00. Near-term studies remain supportive, with 20 day MA at 76.75, underpinning the advance.

Res: 77.27, 77.68, 77.85, 78.00
Sup: 76.69, 76.49, 76.41, 76.32





USD/CHF

Returns to strength after corrective pullback from 0.9180, 22 Sep high, found good support at 0.8920 zone, also previous high, posted on 12 Sep. Fresh gains are under way, boosted by today’s higher open, heading towards initial barrier at 0.9141, 26 Sep high, ahead of possible retest of 0.9180, above which to open fresh bull phase. Golden cross on daily chart supports the advance, with near-term studies pointing higher. Overbought hourly / 4-hour conditions, however, see scope for brief correction before bulls resume, with 0.9080 offering initial support.

Res: 0.9127, 0.9141, 0.9180, 0.9200
Sup: 0.9100, 0.9080, 0.9030, 0.9000