Short Term Technical Analysis for Majors (13:30 GMT)

[WindsorBrokers]

EUR/USD

Maintains near-term positive tone off yesterday’s fresh 9–month low at 1.3145, as hourly 20 day MA holds the downside. However, overnight’s high at 1.3370, being retested today, keeps gains limited for now. Hourly studies remain supportive for fresh attempt through 1.3360/80 barriers to open Fibonacci level at 1.3410, while 4-hour outlook may signal risk of lower top and fresh weakness, as daily studies maintain bearish tone, with break below 1.3145 to focus key psychological level at 1.3000.

Res: 1.3370, 1.3380, 1.3400, 1.3465
Sup: 1.3280, 1.3260, 1.3232, 1.3168




GBP/USD

Bounce from yesterday’s low at 1.5339, just above key short-term support at 1.5326, regained initial barrier at 1.5465, extending to the levels just under 1.5500 handle, over Fib 38.2% retracement of 1.5714/1.5339 descend, where gains were capped on renewed attempt. Clearance of 1.5500 barrier is required to resume near-term recovery and expose 1.5530/40, initial barriers, ahead of Fibonacci level at 1.5570 and 03 Oct high at 1.5585, to possibly signal a double bottom. Wider picture’s outlook, however, remains bearish, with current rally seen corrective ahead of fresh leg lower. Break below 1.5326 to resume weakness from 1.6617 and expose next significant support at 1.5295, 05 Sep 2010 low.

Res: 1.5494, 1.5500, 1.5530, 1.5542
Sup: 1.5411, 1.5369, 1.5326, 1.5295




USD/JPY

Yesterday’s fresh attack at 77.00 barrier was unsuccessful again, as gains stalled at 76.97 and returned to the previous range. Hourly and 4-hour studies continue to hover around their midlines, with 20 day MA, currently at 76.80, capping the upside. Clear break above 77.00 is required to trigger stronger action and move the pair out of the recent range, with regain of minimum 78.00 level to confirm. On the downside, initial support lies at 76.50, while loss of key levels at 76.00/75.93 to open fresh phase lower.

Res: 76.97, 77.09, 77.27, 77.68
Sup: 76.60, 76.50, 76.41, 76.32





USD/CHF

Maintains short-term positive tone after yesterday’s reversal from 0.9260, fresh 5-month high, was contained at 0.9145, also previous high posted on 26 Sep. Subsequent bounce regained 0.9200 handle, regaining momentum for fresh attack at 0.9260, above which to resume bull phase from Aug record low at 0.7067 and focus 0.9338, 27 Mar high and 0.9400, Fibonacci level. On the downside, 0.9145 offers initial support and potential break here to weaken the near-term structure in favor of deeper pullback, likely to 0.8920, key short-term support.

Res: 0.9237, 0.9247, 0.9260, 0.9300
Sup: 0.9160, 0.9145, 0.9127, 0.9100