Short Term Technical Analysis for Majors (08:20 GMT)

[WindsorBrokers]

EUR/USD

Rally from 1.2522, 13 July higher low, peaked at 1.3006 on 17 July, ahead of correction. This has found support at 1.2868, and today’s fresh rally has dented 1.3006 barrier, with 1.3026 seen so far. Sustained break higher is needed to open 1.3073, 61.8% of 1.3816/1.1875 decline first, ahead of extension towards 1.3123, 38.2% of 1.5411/1.1875 fall. Below 1.2925 offers initial support, while break below 1.2868 delays bulls.

Res: 1.3026, 1.3073, 1.3095, 1.3123
Sup: 1.2925, 1.2868, 1.2835, 1.2800




GBP/USD

Maintains negative near-term structure, off 1.5470, 15 July high, as recovery attempt off 1.5267 failed at 1.5350 yesterday, extending losses to 1.5198 thus far. Correction from here needs to regain minimum 1.5350 to resume short-term bulls and keep retest of 1.5470 in focus. Otherwise, lower top and fresh weakness would target 1.5085, possibly 1.4947 on a break.

Res: 1.5350, 1.5396, 1.5445, 1.5470
Sup: 1.5198, 1.5187, 1.5148, 1.5085





USD/JPY

Extended decline from 89.14 lower top, with loss of 86.96, 01 July low, extending losses to 86.25 thus far. Correction off here is now underway, with break above 87.35/58 required to delay bears. Below, loss of 86.25 to resume the near-term downtrend and target 85.85, possibly 84.80, 2009 low.

Res: 87.21, 87.35, 87.58, 88.00
Sup: 86.47, 86.25, 86.15, 85.85




USD/CHF

Extends corrective gains off a double bottom at 1.0399/1.0401, with scope for rise towards 1.0617 next. However, only a lift above 1.0675/95 will signal medium-term base, otherwise risks remains for break below 1.0399 to target 1.0366/00 territory.

Res: 1.0560, 1.0583, 1.0617, 1.0645
Sup: 1.0480, 1.0445, 1.0421, 1.0399