Short Term Technical Analysis for Majors (08:00 GMT)

[WindsorBrokers]

EUR/USD
Continues to further retrace the recent 1.4156/1.3696, leaving a higher low at 1.3857 on Friday for fresh push higher. This cleared the previous 1.4050 high, posted on 21 Oct, en-route to 1.4156, 15 Oct peak. Potential break here to open 1.4195, 25 Jan high, next, with possible attempt at key trendline resistance at 1.4550 seen near-term. Downside, 1.3857 is now key support and above here would keep immediate bulls in play.

Res: 1.4093, 1.4121, 1.4156, 1.4195
Sup: 1.3933, 1.3892, 1.3857, 1.3822




GBP/USD
Attempts to form a double bottom at 1.5649/51, as the latest strength broke through trendline resistance, connecting 1.6105 and 1.5877 tops, though regain of 1.5826/77 is required to signal further recovery and resume underlying bull-trend. Early upside rejection and loss of 1.5649, however, would indicate fresh weakness under way and expose 1.5603 next.

Res: 1.5826, 1.5848, 1.5877, 1.5940
Sup: 1.5694, 1.5649, 1.5603, 1.5536





USD/JPY
Broke out of the recent 80.83/81.91 consolidative range, to confirm the bearish structure. Market now looks for test of 80.00, psychological level, ahead of key all-time low at 79.75, posted in Apr 1995. Upside, lower top at 81.49 now caps and only break here to ease immediate bear pressure.

Res: 80.88, 81.12, 81.49, 81.91
Sup: 80.58, 80.00, 79.75, 79.50





USD/CHF
Recovery attempt off 0.9461, 14 Oct all time low, stalled at 0.9803, unable to clearly break trendline resistance, ahead of reversal. This is now approaching 0.9640, the trendline support, drawn off 0.9461, with break lower to signal resumption of underlying bear-trend and expose 0.9609/0.9539, ahead of possible retest of 0.9461.

Res: 0.9751, 0.9781 0.9803, 0.9845
Sup: 0.9640, 0.9609, 0.9569, 0.9539