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

[WindsorBrokers]

EUR/USD

The pair came under strong pressure after break below Fib 50% of 1.1875/1.4938 ascend at 1.3400, losing significant supports at 1.3361 and 1.3243 and channel support at 1.3210, to extend losses to 1.3163 so far. Near-term studies continue to point lower, with 1.3100 in focus, ahead of psychological level at 1.3000. Corrective bounce on oversold hourly conditions was so far capped by hourly 20 day MA at 1.3230, however, further correction into 1.3300/50 zone is not ruled out, before bears take control. Only regain of 1.3380/1.3400 barriers would ease the bear-pressure.

Res: 1.3200, 1.3225, 1.3284, 1.3300
Sup: 1.3163, 1.3152, 1.3100, 1.3050




GBP/USD

Break below bear channel support off 1.5714, 29 Sep high, accelerated losses through 1.5500 handle, to test initial targets at 1.5430/20 zone, also Fib 76.4% of 1.5326/1.5714 upleg. Hourly 20 day MA limits for now corrective action, with fresh bears looking for extension through 1.5420 to challenge key short-term support at 1.5326, 22 Sep low, below which to confirm an end of corrective phase open fresh leg of the broader downtrend from 1.6617, 19 Aug low.

Res: 1.5464, 1.5482, 1.5500, 1.5531
Sup: 1.5420, 1.5400, 1.5373, 1.5326





USD/JPY

Weakens the near-term tone after renewed attempt above 77.00 barrier ran out of steam again at previous high at 77.27. Immediate reversal under 77.00 mark risks return to 7-week range, with break below 76.65, trendline support, revisiting 77.50 and signaling further range-trade. On the upside, 77.00 remains key near-term barrier while break above 77.27 opens 77.85/78.00.

Res: 76.73, 76.95, 77.09, 77.27
Sup: 76.50, 76.41, 76.32, 76.10





USD/CHF

Surged through 0.9141/80 and psychological barrier at 0.9200 after corrective pullback from yesterday’s high at 0.9127 found support at 0.9075, where the fresh strength emerged. Clearance of 0.9200 opens way for further gains, with 0.9338, 27 Mar high, seen next, ahead of Fib 50% of 1.1730.0.7067, 2010/2011 descend. Near-term studies continue to point higher, however, overbought conditions may trigger corrective pullback ahead of fresh rally.

Res: 0.9250, 0.9300, 0.9338, 0.9396
Sup: 0.9180, 0.9138, 0.9095, 0.9075