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

[WindsorBrokers]

EUR/USD
Extended correction below 1.38 mark after hitting fresh 3-month high at 1.3860, finding support at 1.3766, just above 1.3850, 38.2% of the latest leg higher from 1.3570 to 1.3860. Fresh strength is underway and holding above 1.3800/10 to keep near-term focus higher for retest of 1.3860. Break here will open 1.3939/72, ahead of possible attempt at key trendline resistance, currently at 1.4044. Failure to sustain gains above 1.38 and loss of 1.3766/50 support zone, would risk deeper reversal and open 1.3715/00, then 1.3680, 61.8% retracement. Key short-term support lies at 1.3570.

Res: 1.3827, 1.3844, 1.3860, 1.3886
Sup: 1.3783, 1.3766, 1.3750, 1.3715





GBP/USD
Short-term bulls from 1.5821 higher low remain in play after a shallow correction off yesterday’s peak at 1.6228 found ground at 1.6140. Fresh gains broke above 1.6228, with 1.6243 seen so far and sustained break higher to look for test of key resistance at 1.6297, break of which would open fresh phase higher of the broader uptrend from 1.4230. Downside, 1.6140 offers immediate support, while possible deeper pullbacks need to hold above 1.6058/00 zone to keep immediate bulls in play.

Res: 1.6243, 1.6297, 1.6430, 1.6456
Sup: 1.6174, 1.6140, 1.6127, 1.6080





USD/JPY
Attempts to base above 81.30, 01 Feb fresh low, with recovery testing initial resistance at 81.84 so far. However, break of minimum 82.00/25 is required to signal further near-term recovery developing and expose 82.47, 61.8% of 83.20/81.30 decline, break of which to open key resistance zone at 83.00/20. Failure to sustain recovery, however, will resume the downtrend from 83.20 and loss of 81.30 to open way for test of key supports at 80.92 and 80.24.

Res: 81.84, 81.90, 82.14, 82.24
Sup: 81.48, 81.30, 81.21, 80.92





USD/CHF
Extends the near-term downleg from 0.9782, posting fresh low at 0.9327 yesterday, just above 0.9301, historical low and key support, ahead of bounce. The latest recovery attempt has so far reached 0.9440, though, regain of 0.9480/0.9500 is needed to signal further correction and open 0.9556/0.9607, 50% / 61.8% retracement of 0.9782/0.9327 decline, where a lower high is anticipated. Only break above 0.9685 would sideline near-term bears.


Res: 0.9440, 0.9454, 0.9480, 0.9500
Sup: 0.9394, 0.9327, 0.9306, 0.9301