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

[WindsorBrokers]

EUR/USD

Narrows the near-term range after pullback from yesterday’s high at 1.3868 found support at 1.3672, just above key near-term support level at 1.3650. Fresh gains ran out of steam on approach to 1.3850, bear-trendline connecting 1.3913/1.3868 highs, with reversal under 1.3800 handle under way. Hourly studies continue to move in negative territory, with loss of 1.3730/00 support, to open 1.3672/50 zone, below which would weaken short-term structure. On the upside, break above 1.3850/68, is required to turn focus towards 1.3900 resistance zone.

Res: 1.3800, 1.3842, 1.3868, 1.3900
Sup: 1.3700, 1.3672, 1.3650, 1.3600




GBP/USD

Remains congested under 1.5851, 14 Sep fresh month high, after renewed attempt higher lost traction just few ticks under 1.5851, before sliding back to 1.5700 zone, where support was found. Failure to complete four- hour chart head and shoulders pattern resulted in bounce that was capped at 1.5800, ahead of fresh weakness. Near-term price action shows succession of higher lows and lower highs and creation of the near-term triangle pattern, with break of either extreme points, to define near-term direction and expose near-term range limits.

Res: 1.5765, 1.5778, 1.5800, 1.5851
Sup: 1.5700, 1.5690, 1.5665, 1.5630





USD/JPY

Today’s fresh attempt through 77.00 barrier brings some action in play, after three-day narrow range trading. Gains were so far capped at 77.08, with quick reversal to previous range ceiling at 76.85. Holding above here would signal a development of fresh strength, however, break above trendline resistance and previous highs at 77.20/50 zone is required to confirm.

Res: 77.00, 77.08, 77.20, 77.50
Sup: 76.85, 76.65, 76.50, 76.30





USD/CHF

Today’s price action was capped by daily 20 day MA at 0.9081, with subsequent through initial supports at 0.9000 and 0.8950, returning to strong support zone at 0.8940/20, trendline support / previous low. Brief break below main bull trendline increases risk of fresh weakness, with break below 0.8920 and 0.8880 to further weaken the short-term structure and possibly expose 200 day MA, currently at 0.8762. Hourly studies are negative but oversold conditions suggest corrective bounce. Upside remains capped at 0.9080 and only break here to resume near-term recovery attempt from 0.8880.

Res: 0.8971, 0.9000, 0.9046, 0.9081
Sup: 0.8920, 0.8900, 0.8880, 0.8800