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

[WindsorBrokers]

EUR/USD
Renewed strength after shallow correction to 1.3565, today’s low surged through 1.3700 barrier and extended gains above initial target at 1.3800. Near-term studies support further upside extension towards 1.3845, Fib 50% of 1.4548/1.3145 decline, above which to expose key lower top at 1.3935 and confirm short-term bottom. Immediate support lies at 1.3700, while below 1.3565 to weaken immediate structure.

Res: 1.3800, 1.3814, 1.3845, 1.3900
Sup: 1.3750, 1.3700, 1.3600, 1.3564




GBP/USD

Strong rally emerged from today’s low at 1.5541, where a pullback from 1.5684 found support. Acceleration through 1.5700 resistance zone at 1.5745, tested so far 1.5784, Fib 38.2% of 1.6617/1.5271 descend, to complete the third wave from 1.5721 and signal double bottom. Upside targets lie at 1.5800/65 initial support lies at 1.5700 zone, ahead of 20 day MA at 1.5630, where corrective pullback on overbought near-term conditions should find support.

Res: 1.5784, 1.5800, 1.5865, 1.5900
Sup: 1.5700, 1.5630, 1.5600, 1.5541




USD/JPY

Today’s attempt to break below the range was short-lived, as 76.30 offered good support, with subsequent bounce returning to 76.65. Fresh is now under way, with clearance of 77.00/25 barriers, possibly signaling an end of two month directionless trading. Regain of 78.00 is required to confirm.

Res: 77.41, 77.85, 78.00, 78.45
Sup: 77.00, 76.75, 76.60, 76.50





USD/CHF

Slumped through 0.9000 level, to the levels just above key short-term support at 0.8920, to complete wave 5 of the reversal from 0.9310 high. Near-term studies remain weak. Corrective bounce is now under way, with 0.9120/40 zone capping the upside and only break here to signal an end of correction from 0.9310 and expose 0.9200 initially. On the downside, loss of 0.8920 support to trigger further weakness for possible test of 0.8800 zone, where 200 day MA lies.

Res: 0.9000, 0.9026, 0.9051, 0.9100
Sup: 0.8933, 0.8920, 0.8900, 0.8850