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

[WindsorBrokers]

EUR/USD

Maintains positive tone off 1.2731, 21 July higher low, with yesterday’s break through 1.2965 barrier, now attempting at key near-term resistance at 1.3026. Break here is required to resume gains towards 1.3073 and 1.3125, 38.2% of 1.5144/1.1875 decline. Immediate support stands at 1.2888/59.

Res: 1.3026, 1.3073, 1.3095, 1.3125
Sup: 1.2980, 1.2888, 1.2859, 1.2834




GBP/USD

Continues to trend higher, following bounce off 1.5123, last week’s higher low and clearance 1.5470, 15 July previous high, to attempt at 1.5526 today. Break here to focus 1.5575, 23 Feb high and 1.5635, 50% retracement of 1.7044/1.4230 decline. Below, loss of 1.5345/35 support zone to weaken the outlook.

Res: 1.5529, 1.5575, 1.5635, 1.5665
Sup: 1.5449, 1.5375, 1.5345, 1.5335




USD/JPY

Congestive lows at 86.25/33, posted on 16/22 July, marked a tentative short-term base that has supported recovery through 87.58, 20 July previous high, to reach 87.71, 50% of the 89.14/86.25 decline, so far. Immediate reversal has so far found support at 86.80, with risk seen on a break under 86.80/72 to expose 86.33/25. Above 87.71 resumes recovery.

Res: 87.38, 87.71, 87.84, 88.00
Sup: 86.80, 86.72, 86.58, 86.33




USD/CHF

Is trading within 1.0393/1.0562 range, following recent weakness from 1.1730, 2010 high, posted on 01 June. Loss of momentum at upper short-term range has seen a drop to 1.0458 yesterday, ahead of fresh strength. Break through the upper boundary at 1.0562 is now required to resume recovery attempt towards 1.0617/45 next.

Res: 1.0562, 1.0583, 1.0617, 1.0645
Sup: 1.0480, 1.0458, 1.0406, 1.0393