Short Term Technical Analysis for Majors (14:00 GMT)

[WindsorBrokers]

EUR/USD

Maintains short-term bears after today’s gap lower opening extended losses below 1.3361, completing the 1.3361/1.3689 correction. Mild recovery was initially capped by hourly 20 day MA, with fresh attempt at 1.3300 support under way. Below here opens 1.3243, 16 Jan low next. At the upside, 1.3380 caps for now, while only regain of 1.3460 would delay immediate bears. Firmly bearish daily structure is expected to accelerate losses after break below bear channel from May, with 1.3000 support coming in focus.

Res: 1.3380, 1.3400, 1.3415, 1.3460
Sup: 1.3300, 1.3243, 1.3200, 1.3152





GBP/USD

Break below bear channel off 1.5714, 29 Sep high, extended losses through 1.5500 handle, before recovery spiked to 1.5585, today’s high, where gains were capped. Fresh weakness has o far reached 1.5480 low, just ahead of Fib 61.8% of 1.5326/1.5714 corrective leg. Break here to open 1.5430/20, with retest of 1.5326 not ruled out, as near-term studies moved below their midlines and bears maintained by hourly 20 day MA.

Res: 1.5531, 1.5545, 1.5583, 1.5600
Sup: 1.5475, 1.5430, 1.5420, 1.5400




USD/JPY

Renewed attempt above 77.00 barrier ran out of steam again after regaining previous high at 77.27. Immediate reversal under 77.00 mark risks return to 7-week range, however, break below 76.65, trendline support, required to confirm, as near-term positive tone off 77.50 persists while the trendline contains dips. On the upside, break above 77.27 opens 77.85/78.00.

Res: 76.95, 77.09, 77.27, 77.68
Sup: 76.70, 76.65, 76.49, 76.41





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: 0.9075, 0.9030, 0.9000, 0.8985