Short Term Technical Analysis for Majors (08:00 GMT)

[WindsorBrokers]

EUR/USD

Fell sharply below psychological support at 1.4000, after last week’s strong rally through Fib 61.8% and 200 day SMA peaked at 1.4246 on 27 Oct. Strong support zone at 1.3955/75, also Fib 50% of the recent 1.3655/1.4246 upleg, contained dip for now, however, hourly studies in the negative territory, suggest change of the near-term structure. Further losses are favored for now, as the latest bounce of 1.3974, day’s low, is seen corrective while below 1.4100 handle. On the downside, loss of 1.3974/55 to open 1.3850/00. Wider picture’s uptrend remains intact while higher platform at 1.3655, also near Fib 50% of 1.3145/1.4246 holds.

Res: 1.4038, 1.4076, 1.4100, 1.4132
Sup: 1.3974, 1.3955, 1.3942, 1.3900




GBP/USD

Sharp reversal from last Friday’s fresh high at 1.6151, broke through 1.6040/00, strong support zone, previous high / main bull trendline, to hit fresh daily low at 1.5964. This weakens the near-term outlook and turns immediate focus lower, with 1.5900/1.5890, 24/26 Oct lows, in sight. Hourly studies are below their midlines, suggesting further easing, while correction on oversold conditions so far capped at 1.6000 zone, also broken bull trendline. Further upside, 1.6040/1.6100 offer strong resistance and only break higher to improve near-term structure.

Res: 1.6016, 1.6034, 1.6040, 1.6070
Sup: 1.5964, 1.5955, 1.5900, 1.5890




USD/JPY

Rallied sharply after hitting fresh record low at 75.56 overnight, as Japanese Central Bank intervened to stop further strengthening of yen. Regain of key barrier at 78.00 has turned the near-term outlook positive, extending gains to test 79.55, May’s consolidation range floor., with break her to open way for test of psychological barrier at 80.00 and 80.23/50, 04 Aug high / Fib 50% of 85.51/75.56 descend. Previous resistance at 77.85, 09 Sep high, is expected to contain corrective pullback, as near-term conditions are in deep overbought zone.

Res: 79.00, 79.52, 80.00, 80.23
Sup: 78.45, 78.00, 77.85, 77.68





USD/CHF

Continues to correct the short-term bear-trend off 0.9313, 06 Oct low, after bounce from fresh low at 0.8566, posted on 27 Oct, briefly broke above 200 day SMA at 0.8730. Hourly studies turned positive and see scope for further extension higher, with focus on 0.8800/57. Initial support lies at 0.8690, while only below 0.8650 turns focus lower.

Res: 0.8737, 0.8752, 0.8800, 0.8857
Sup: 0.8700, 0.8690, 0.8650, 0.8600