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

[WindsorBrokers]

EUR/USD

Bears remain firmly in play after the pair broke below 1.3300/1.3280, strong support zone, accelerating losses below channel support at 1.3250. Break below 1.3200, weekly Head and Shoulders neckline has so far reached 1.3160 low, just ahead of strong support at 1.3145, 04 Oct low. Corrective / consolidative phase is under way, as near-term studies are overstretched, however, upside is seen limited at 1.3280/1.3300 zone, also 20 day SMA on 4H chart, as negative sentiment continues to dominate. On the downside, loss of critical support at 1.3145 would open fresh bear-phase and expose 1.3000 zone next.

Res: 1.3250, 1.3280, 1.3290, 1.3300
Sup: 1.3182, 1.3160, 1.3145, 1.3100





GBP/USD

Returns back to two-week range after yesterday’s brief break below 1.5560 range floor, found support at 1.5536. Regain of 1.5600 handle sees potential for further extension and possible test of next barrier at 1.5660 zone, as hourly conditions are improving. However, broader picture’s bearish tone remains in play as long as 1.5750/70, daily 55 day SMA and range ceiling caps the upside. Immediate supports at 1.5570, day’s low and 1.5560, Fib 61.8% of 1.5422/1.5770 ascend need to hold, otherwise, fresh weakness towards 1.5536/25 and 1.5500, would be the likely near-term scenario, with key short-term support at 1.5422 to come in focus on a break below 1.5500 figure support.

Res: 1.5623, 1.5656, 1.5664, 1.5700
Sup: 1.5597, 1.5571, 1.5560, 1.5536





USD/JPY

The pair consolidates the recent gains from 77.50 support that broke through trendline resistance and briefly tested 78.00 barrier. Holding above 77.80, range floor and broken bear-trendline off 78.27 high, would keep near-term focus higher, with clearance of 78.00 required to open next static resistances at 78.27/44. Near-term studies are still supportive, with 20 day SMA, currently at 77.70, underpinning the action. Loss of 77.80/70, however, would sour the near-term tone and re-expose initial support at 77.50.

Res: 78.00, 78.10, 78.27, 78.44
Sup: 77.80, 77.70, 77.57, 77.48





USD/CHF

Yesterday’s strong rally that cleared key obstacles at 0.9300 and 0.9313/27, ended short-term corrective phase from 0.9328, 25 Nov previous high and opened fresh leg higher, extending the broader uptrend from 0.7067, 09 Aug record low. The pair so far tested levels just under 0.9400 barrier, with shallow correction contained by 20 day SMA at 0.9350, for now. Studies on 4H chart are positive, but oversold conditions see risk of deeper correction, before fresh rally. Firm break above 0.9400 to open way for test of psychological barrier at 0.9500. On the downside, potential loss of 0.9350 support would test previous resistance at 0.9328, however, dips need to hold above 0.9300 mark, also Fib 38.2% of 0.9180/0.9386 ascend, to keep immediate bulls intact.


Res: 0.9386, 0.9400, 0.9450, 0.9500
Sup: 0.9360, 0.9350, 0.9328, 0.9300