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

[WindsorBrokers]

EUR/USD
Strong rally that emerged from yesterday’s higher low at 1.3088 extended the latest recovery off 1.2872, to test 1.34 level so far. Next targets lie at 1.3431, 04 Jan high and key 1.3497, 14 Dec 10 high, break of which is required to open fresh phase higher and confirm bottom at 1.2872. Today’s low at 1.3321 offers immediate support, with possible downside extension should be contained by 1.32 zone.

Res: 1.3431, 1.3459, 1.3594, 1.3631
Sup: 1.3321, 1.3265, 1.3188, 1.3143





GBP/USD
Recovery from 1.5404 is approaching key short-term resistance at 1.5910, 14 Dec 10 lower top. Market has so far reached 1.5388, ahead of consolidation. Immediate scope is for retest of 1.5910, with break here to confirm higher low at 1.5343 on a broader recovery from 1.4236. On the downside, 1.5779/17 zone is expected to hold corrective pullbacks to keep immediate bulls in play.

Res: 1.5865, 1.5910, 1.5927, 1.5965
Sup: 1.5779, 1.5717, 1.5680, 1.5581





USD/JPY
Failure to regain 83.67 high and rejection at 83.48/45 has triggered reversal, with break through 82.67 range bottom and 60 day MA at 82.60, increasing risk of further weakness towards 82.30/00 zone, where bulls are expected reassert, to keep an uptrend from 80.98 in play. Otherwise, break below 82.00 to turn focus towards 80.92.

Res: 82.80, 83.13, 83.48, 83.67
Sup: 82.30, 82.00, 81.87, 81.67




USD/CHF
Extends reversal after hitting fresh high at 0.9782, on a recovery from 0.9301. Market reached 0.9611 so far, though, while 0.9594, recent range bottom holds, immediate scope remains for fresh attempt higher to retest 0.9762/82 and possible extension of the latest recovery phase. Loss of 0.9594, however, would signal deeper reversal and open 0.9540/0.9485, 50% / 61.8% retracement levels of 0.9301/0.9782 upleg next.

Res: 0.9659, 0.9670, 0.9735, 0.9762
Sup: 0.9600, 0.9594, 0.9540, 0.9515