Short Term Technical Analysis for Majors (07:45 GMT)

[WindsorBrokers]

EUR/USD

Near-term price action sees consolidation of the past two days heavy losses, triggered by negative fundamentals. Yesterday’s break below key short-term levels at 1.3700/1.3655, Fib 50% of 1.3145/1.4246 and 18/20 Oct higher platform, has found temporary support at 1.3600 zone. Near-term studies remain negative, with further weakness favored. Below 1.3607, yesterday’s low, to expose 1.3565, 11 Oct low / Fib 61.8%. Upside is for now seen limited at 1.3800 zone and only sustained break above 1.3870 would ease current bear pressure.

Res: 1.3752, 1.3762, 1.3800, 1.3830
Sup: 1.3635, 1.3607, 1.3565, 1.3523





GBP/USD

Maintains negative near-tone off 1.6164, 31 Oct high, as 200 day SMA currently limits the upside. Easing through main bull trendline and 1.5964, initial support, has found support at 1.5900 zone for now, with corrective bounce being capped at 1.6000 barrier for now. Fresh weakness would look for retest of 1.5890, yesterday / 26 Oct lows, below which to open strong support at 1.5850 and Fib 38.2% of 1.5271/1.6164 at 1.5825. On the upside, regain of 1.6100 handle is required to improve near-term outlook.

Res: 1.6000, 1.6030, 1.6056, 1.6091
Sup: 1.5965, 1.5914, 1.5900, 1.5890




USD/JPY

Extends the sideways movements, within a narrow range, as the price action stabilizes above 78.00. Hourly positive tone is fading, however, daily studies are gaining strength, with break above initial barriers at 79.00/52 required to resume recent gains. Only loss of 77.75 would weaken the near-term structure.

Res: 78.40, 79.00, 79.52, 80.00
Sup: 78.00, 77.75, 77.65, 77.50





USD/CHF

Corrects the recent strong rally that peaked at 0.8957 yesterday. Break below 0.8900 handle has so far been contained at 0.8830, with further easing into 0.8800 zone, Fib 38.2% of 0.8566/0.8957 upleg, seen favored, as hourly studies are losing momentum and 20 day SMA, currently at 0.8875, turned to the downside. Wider picture’s outlook sees 200 day SMA at 0.8725, as main support and holding above here to maintain short-term focus at the upside.

Res: 0.8900, 0.8957, 0.9000, 0.9040
Sup: 0.8830, 0.8800, 0.8760, 0.8737