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

[WindsorBrokers]

EUR/USD

Near-term price action runs out of steam, as renewed attempt through 1.3051, yesterday’s high, failed to sustain gains and test next barrier at 1.3075. Subsequent pullback broke below initial support at 1.2984, extending losses to test 20 day SMA at 1.2953 so far. MACD bearish divergence on 4H chart signaled weakness, with hourly studies already in the negative field. Further weakness would risk test of critical support at 1.2875, 13 Jan high / 23 Jan low, with potential break lower, to possibly signal an end of short-term recovery phase. Reversal above 1.2900/1.2875, however, would keep short-term bulls in play, but regain of the territory above 1.30 is required to confirm and re-focus 1.3061, today’s fresh high.

Res: 1.2984, 1.3000, 1.3026, 1.3050
Sup: 1.2950, 1.2917, 1.2900, 1.2875





GBP/USD

Regained strength after corrective pullback from yesterday’s high at 1.5600, found footstep at 1.5532, ahead of strong support zone at 1.5515/0, but fresh rally so far stays under 1.5600, break of which is required to resume short-term uptrend towards strong resistance at 1.5670 zone, highs of 03/04 Jan / 90 day SMA / main bear trendline, drawn off 1.6617 peak. Hourly studies are emerging above their centerlines, while 4H is losing momentum that may risk further consolidation, ahead of fresh attempt higher. Initial static/dynamic support lies at 1.5535, today’s low / 20 day SMA, with break here to risk test of key short-term levels at 1.5515/00.

Res: 1.5593, 1.5600, 1.5668, 1.5678
Sup: 1.5565, 1.5532, 1.5515, 1.5500





USD/JPY

Surges through initial barrier at 77.20/32, 90 day SMA / previous highs, also daily Ichimoku cloud at 77.54, to break above long-term bear-trendline drawn off 124.14, 01 June 2007 high at 77.72, en-route to psychological barrier at 78.00. Break here to open key med-term resistance zone at 78.20/30, Nov-Dec range ceiling. Positive near-term studies support the rally, however, overextended hourly conditions warn of corrective pullback. Previous strong resistance at 77.30 now acts as initial support.

Res: 78.00, 78.21, 78.27, 78.40
Sup: 77.55, 77.32, 77.00, 76.85





USD/CHF

Corrects the recent heavy losses that found temporary support at 0.9230 zone, with regain of initial barrier at 0.9300, looking for further retracement of 0.9573/0.9233 fall. Dynamic resistance at 0.9320, 20 day SMA, comes first, ahead of next significant barrier at 0.9376, yesterday’s high that is expected to limit the upside for now, as short-term studies remain in the negative field. Below 0.9233 to open Fibonacci level at 0.9200, possibly 0.9170, 90 day SMA, while only regain of 0.9376/0.9400 averts downside risk.

Res: 0.9323, 0.9376, 0.9400, 0.9445
Sup: 0.9259, 0.9233, 0.9200, 0.9170