Short Term Technical Analysis for Majors (07:30 GMT)

[WindsorBrokers]

EUR/USD
The upside remains capped under 1.3232, previous peak / Fib 38.2% of 1.4246/1.2622, during past couple of days, as the pair continues to move sideways, holding within 1.3025/1.3200 range. Wider picture, however, keeps short-term bullish structure intact, while daily 20 day EMA holds the downside at 1.3030 zone. Clear break above initial barrier at 1.3200/12, to open 1.3232, strong resistance for retest, above which to start fresh leg higher and expose 1.3300, daily 90 day EMA. Immediate support lies at 1.3140, ahead of 1.3100/1.3075 zone that is expected to hold the downside for now. Only loss of 1.3025, yesterday’s low and 1.3000, Fib 38.2% of 1.2622/1.3232, would weaken short-term structure.

Res: 1.3190, 1.3200, 1.3112, 1.3232
Sup: 1.3140, 1.3115, 1.3000, 1.3075





GBP/USD
Maintains positive structure after sharp rally through critical 1.5770/1.5800 barrier and yesterday’s close above here. The pair has so far reached initial target at 1.5880 zone, 18 Nov high, with 1.5900, figure resistance and 1.5940, 200 day SMA / Fib 76.4%, in focus. However, overbought near-term conditions, suggest corrective pullback may precede fresh rally, with initial levels at 1.5800/1.5570, now reverted to supports, ahead of 1.5700, above which dips should be contained. Only break here would sideline immediate bulls, in favor of stronger correction.

Res: 1.5881, 1.5887, 1.5900, 1.5940
Sup: 1.5817, 1.5800, 1.5770, 1.5743





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 76.00 support. Near-term price action sees the pair in sideways mode, moving within very narrow range, with negative structure keeping 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, are expected to cap corrective rallies. Possible action of BOJ remains on the table.

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 stalled just ahead of Fib 61.8% of 0.9338/0.9113 downleg at 0.9250. Resumption of short-term downtrend from 0.9600 is seen on a break below 0.9100, to open Fibonacci levels at 0.9075 and 0.8955, 50% and 61.8%, as negative daily studies and widening Bollingers, suggest fresh weakness. Only sustained break above range ceiling at 0.9250, would allow for stronger recovery.

Res: 0.9163, 0.9183, 0.9200, 0.9250
Sup: 0.9128, 0.9113, 0.9100, 0.9075