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

[WindsorBrokers]

EUR/USD

Remains in near-term consolidative mode, moving in a narrow range around 1.3000 level. Dips were contained at yesterday’s low at 1.2980 zone, signaling possible basing attempt, ahead of stronger correction of the latest steep decline from 1.3547, 02 Dec lower high. Daily studies, approaching oversold zone, would support bounce. Hourly neutral to positive outlook, sees scope for test of initial barrier at 1.3042, ahead of key near-term barrier at 1.3084, 16 Dec high, also near Fib 50% of the 1.3235/1.2945 downleg, break of which is required to spark an extension towards 1.3100 and next strong resistance at 1.3145, 04 Oct low. On the downside, loss of 1.2980 zone to expose 1.2945, loss of which would accelerate losses and focus key med-term support at 1.2872, annual low, posted on 09 Jan.

Res: 1.3042, 1.3047, 1.3082, 1.3100
Sup: 1.3000, 1.2984, 1.2956, 1.2945





GBP/USD

Improving hourly studies support the fresh attempt higher, as yesterday’s upside rejection and subsequent pullback found support at 1.5500 zone. Holding above broken bear-trendline off 1.5768 high, keeps the near-term focus higher, however, break above 1.5560 barrier, where the recent gains were capped and 1.5585, Fib 50% of 1.5768/1.5407 decline, is required to sustain recovery and expose 1.5600/35 next. Otherwise, risk would be of fresh weakness under 1.5500 mark and possible retest of key near-term support at 1.5407.

Res: 1.5543, 1.5556, 1.5580, 1.5600
Sup: 1.5506, 1.5492, 1.5463, 1.5432





USD/JPY

Hovers around 78.00 mark, as the upside remains capped at 78.10/15, trendline resistance / previous highs, as the triangle pattern is forming on hourly chart. Near-term studies are losing traction that may increase risk of downside extension towards 77.75, triangle support and key levels at 77.60/50. Four-hour 20 day SMA at 77.90, holds the downside for now, however, only break above 78.15 would improve near-term outlook and open way for fresh bull-leg towards 79.00 barrier.

Res: 78.04, 78.15, 78.27, 78.44
Sup: 77.90. 77.80, 77.60, 77.48





USD/CHF

Hourly outlook sees the pair in neutral mode, moving in a narrow range around 0.9360, Fib 38.2% of 0.9069/0.9545 upleg, where a temporary support was found,. Wider picture, however, Sees scope for fresh leg lower, as 4h MACD breaks below the midline and 20 day SMA, currently at 0.9390, limits the upside. Break lower to expose 0.9328, ahead of psychological 0.9300 support, also Fib 50%, below which to signal top and open way for stronger reversal. Only regain of 0.9400/50 would ease bear pressure, with break above 0.9500 to re-focus 0.9545 high.

Res: 0.9400, 0.9413, 0.9427, 0.9475
Sup: 0.9346, 0.9340, 0.9300, 0.9285