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

[WindsorBrokers]

EUR/USD

The pair steadies at 1.3450 zone after corrective pullback of yesterday’s sharp rally that peaked above 1.3500 barrier, found footstep within our support zone at 1.3440/00. Positive tone on 4H chart keeps hopes of fresh push higher, with clearance of 1.3532, yesterday’s high / over Fib 50% of 1.3810.1.3211 downleg, to expose the next strong resistances at 1.3600 zone, Fib 61.8% at 1.3605 / 1.3614, 18 Nov high and signal near-term base. On the downside, 1.3400, key near-term support, is expected to hold, to keep bulls in play.

Res: 1.3472, 1.3500, 1.3532, 1.3567
Sup: 1.3420, 1.3400, 1.3370, 1.3360





GBP/USD

Yesterday’s surge through key barrier at 1.5690/1.5700 zone suggests the pair is attempting to base, as gains extended to 1.5777, over Fib 76.4% of 1.5887/1.5422 decline and turned near-term focus higher. Corrective reversal on overbought conditions steadies above our initial support at 1.5655 for now, near Fib 38.2% of 1.5422/1.5777 ascend, with focus at 1.5800, above which to open next barrier at 1.5880 zone, 18 Nov high / 03 Nov low. Only loss of 1.5600 handle would sideline near-term bulls and turn focus lower.

Res: 1.5716, 1.5777, 1.5800, 1.5875
Sup: 1.5672, 1.5655, 1.5600, 1.5580





USD/JPY

Corrective action from 77.28, yesterday’s low, where sharp decline found support, remains capped by 20 day SMA at 77.80 for now. While below the latter, near-term focus remains on the downside, with the fifth wave on pullback from 78.27 high, to possibly test 77.00 zone. Break above 77.80/78.00, however, would improve the outlook and re-focus recent highs at 78.14/27.

Res: 77.80, 78.00, 78.14, 78.27
Sup: 77.50, 77.28, 77.00, 76.80





USD/CHF

Remains in near-term downtrend from 0.9328 high, as yesterday’s sharp fall through key supports at 0.9100/0.9080, extended loses to 0.9064 so far. Corrective bounce found strong resistance at 0.9150, previous support, with negative near-term studies keeping the downside favored, risk of forming double top pattern is rising. Below 0.9064 to focus 0.9000 initially, while only regain of 0.9200 barrier would improve near-term tone.

Res: 0.9137, 0.9152, 0.9173, 0.9180
Sup: 0.9100, 0.9064, 0.9000, 0.8950