Short Term Technical Analysis for Majors (07:40 GMT)

[WindsorBrokers]

EUR/USD

Past week’s price action shows the pair in a steady downtrend, moving within the bear channel off 1.3547, 02 Dec high. The recent rather pessimistic news from EU, keep the investors cautious that keeps the downside pressure. Overnights movements were limited under 1.3400, with initial support at 1.3300/1.3280 staying intact for now, despite negative hourly studies. Near-term focus, however, remains at the downside, with session’s low at 1.3333 coming first, ahead of 1.3300/1.3280 and 1.3258, channel support / 30 Nov low, loss of which to re-attract main near-term support at 1.3211 and main bull trendline at 1.3200. overnight’s high at 1.3380 and daily 20 day SMA that capped during the past week, offer initial barriers, ahead of 1.3420, channel resistance, ahead of 1.3432/58, 09/08 Dec spike highs.

Res: 1.3356, 1.3380, 1.3390, 1.3400
Sup: 1.3333, 1.3316, 1.3300, 1.3280





GBP/USD

Continues to trade sideways, with price action entrenched within 1.5777/1.5560 range. Near-term studies hold neutral tone, however, daily outlook remains negative, as a part of broader downtrend from 1.6164, 31 Oct high, with 55 day SMA, limiting gains for now. Loss of initial support at 1.5600 puts pressure at 1.5584, last Friday’s low and 1.5560, 06 Dec low and range floor, loss of which to signal and end of consolidative phase and expose next array of supports at 1.5525/00. Hourly studies below their midlines and 20 day SMA pointing lower, favor such scenario. Only break above 1.5664, Friday’s intraday high, would ease bear pressure, however, regain of 1.5700 handle is required to avert immediate downside risk.

Res: 1.5635, 1.5655, 1.5664, 1.5700
Sup: 1.5584, 1.5560, 1.5525, 1.5500





USD/JPY

Series of lower highs maintain short-term downtrend from 78.27, 29 Nov high, as the near-term recovery attempt from 77.12, 08 Dec spike low, remains capped at 77.80, just under cannel resistance, currently at 77.87. Hourly structure shows the pair in a directionless motion, holding within 30 pips range, with break of either side to define near-term direction. Daily structure, however, remains positive as long as 55 day SMA holds the downside. Immediate support lies at 77.48, Friday’s low, ahead of 77.28/12 lows, below which to resume broader downtrend. Upside clearance of 77.80, range ceiling opens 78.00 next, ahead of 78.10/27 barriers.

Res: 77.66, 77.78, 77.87, 78.00
Sup: 77.57, 77.48, 77.28, 77.10





USD/CHF

Near-term focus remains at the upside, as the pair breaks above bear-trendline off 0.9328, in attempt to clear strong barrier at 0.9300 that was capping the upside attempts in a past couple of day. Break here to signal an end of near-term range trade phase and expose next barriers at 0.9313 and 0.9328, 06 Oct / 25 Nov highs. Hourly studies are positive and favor fresh rally, with 20 day SMA underpinning the action at 0.9250. Only loss of 0.9200 handle would be bearish.

Res: 0.9300, 0.9313, 0.9328, 0.9338
Sup: 0.9260, 0.9233, 0.9215, 0.9200