Short Term Technical Analysis for Majors (14:30 GMT)

[WindsorBrokers]

EUR/USD
Near-term structure strengthened again after descend from 1.3212, yesterday’s high, was contained by 20 day EMA, just ahead of 1.3000 support. Strong rally regained 1.3200 handle, penetrating daily Ichimoku cloud again, but struggling to sustain gains through bear-trendline, connecting 1.3232 and 1.3212 highs. Hourly studies remain positive, with 1.3115/00 zone, today’s intraday low / 20 day SMA, required to contain dips on overbought hourlies, with clearance of 1.3200/12 required for fresh attack at 1.3232. Loss of 1.3100 handle would risk return to 1.3000.

Res: 1.3075, 1.3090, 1.3100, 1.3136
Sup: 1.3115, 1.3000, 1.3090, 1.3025






GBP/USD
Strong rally from today’s low at 1.5705, surged through critical barrier at 1.5770/1.5800, Nov/Dec range ceiling / Fib 61.8% of 1.6164/1.5266, to hit fresh 8-week high at 1.5867, just ahead of our initial target at 1.5557, 18 Nov high and figure resistance at 1.5900. Positive short-term structure remains supportive, with supports at 1.5800 and 1.5770, expected to contain corrective action on overbought near-term conditions. Only loss of 1.5700 handle would weaken near-term structure.

Res: 1.5867, 1.5887, 1.5900, 1.5940
Sup: 1.5800, 1.5770, 1.5743, 1.5700





USD/JPY
Remains under pressure after losing key med-term support at 76.50, as the pair ticked lower off near-term narrow consolidation band and tested next support at 76.00. Negative structure keeps the downside in focus, for possible test of all-time low at 75.56 and further extension lower. Immediate barriers lie at 76.40/50, ahead of 76.75/85, while only regain of 77.00 would ease bear pressure.

Res: 76.40, 76.50, 76.75, 76.85
Sup: 76.00, 75.56, 75.00, 74.50





USD/CHF
Continues to move sideways, within 0.9113/0.9250 near-term range, after corrective bounce failed to sustain gains above initial barriers at 0.9208/27, when rally ran out of steam at 0.9250. Near-term studies remain turned towards the downside, as broader downtrend from 0.9600 barrier stays intact, with break below 0.9100 to open Fibonacci levels at 0.9075 and 0.8655, 50% & 61.8%. Only lift above range ceiling at 0.9250, also near Fib 61.8% of 0.9338/0.9113 downleg, to signal bottom and allow for stronger recovery.

Res: 0.9161, 0.9183, 0.9200, 0.9250
Sup: 0.9120, 0.9113, 0.9100, 0.9075