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

[WindsorBrokers]

EUR/USD

Narrows the range after yesterday’s rebound was limited by main bear trendline at 1.3555, with sharp sell-off being contained at 1.3445, main bull trendline, ahead of 1.3421 low that stays intact for now. Formation of descending triangle signals break out of the recent range, with short-term studies in the negative territory favoring fresh attack at 1.3445/21 supports, below which to open 1.3400 zone and 1.3360 on a break. Initial barriers at 1.3480/1.3500 keep the upside protected, while only break above yesterday’s high at 1.3565, also Fib 38.2% of 1.4246/1.3421, would signal stronger correction and expose 1.3600/14 next.

Res: 1.3480, 1.3500, 1.3599, 1.3565
Sup: 1.3445, 1.3421, 1.3400, 1.3360





GBP/USD

Yesterday’s dip below 1.5611/00, 21 Nov low / Fib 61.8% suggests further weakness, as short and longer-term studies maintain bearish tone and keep the pair under pressure. Recovery above 1.5600 handle is seen corrective, as long as near-term breakpoint and range ceiling at 1.5690, where also 20 day SMA lies, holds. Break below 1.5581, yesterday’s fresh low, to open 1.5541/00 levels next. Only break above 1.5690 would delay for stronger recovery towards 1.5740/65.

Res: 1.5633, 1.5653, 1.5667, 1.5690
Sup: 1.5600, 1.5581, 1.5541, 1.5500





USD/JPY

Maintains near-term neutral tone, hovering in a narrow range around 77.00 handle, after recovery attempt from 76.80 was capped on approach to 77.50, key near-term barrier. Current range extreme points at 77.31 and 76.80 remain to be key markers in the near-term outlook, with break of either side to define the fresh direction. Daily structure, however, maintains negative tone and keeps the downside favored.

Res: 77.06, 77.12, 77.31, 77.50
Sup: 76.91, 76.80, 76.74, 76.56




USD/CHF

Continues to move sideways, after upside attempts were capped at 0.9200, with below short-term bull trendline from 0.8566 low, keeping the downside favored. Price action on 4-hour chart remains below 20 day SMA, with MACD attempting below the midline, suggesting fresh attack at key short-term supports at 0.9100/0.9083, below which would put retest of 0.9234 high on hold in favor of stronger correction, with 0.9000 level seen next. Wider picture’s bulls, however, remain in play.

Res: 0.9164, 0.9184, 0.9207, 0.9234
Sup: 0.9125, 0.9105, 0.9083, 0.9000