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

[WindsorBrokers]

EUR/USD

The recent upside failure at 1.3044 has seen a narrow consolidation, ahead of today’s renewed attempt higher. Break above the later is required to resume gains, with 1.3073/93 seen next, ahead of 1.3125 Fibonacci level. Immediate support stands at 1.2965/51 zone.

Res: 1.3044, 1.3073, 1.3093, 1.3125
Sup: 1.2965, 1.2951, 1.2925, 1.2888




GBP/USD

The latest strength retraced 50% of 1.7041/1.4230 descend at 1.5637 yesterday, with consolidation just below here followed. Fresh push higher is now underway, with clear break above 1.5637 to focus 1.5688, 18 Feb high, next. Below, 1.5544 offers initial support, while 1.5440 remains key support and possible break under here to weaken the structure and allow deeper corrective pullback.

Res: 1.5665, 1.5688, 1.5708, 1.5735
Sup: 1.5544, 1.5505, 1.5476, 1.5440




USD/JPY

The latest upleg off 86.82 higher low stalled at 88.10 yesterday, ahead of reversal. This has so far reached 87.09, retracing over 50% of the entire upleg off 86.25, increasing risk of lower top and possible fresh weakness towards 86.33/25, key support zone. Otherwise, regain of 88.10 would revive bulls and resume recovery.

Res: 87.50, 87.71, 88.10, 88.26
Sup: 87.09, 86.82, 86.72, 86.58




USD/CHF

Upside rejection at 1.0638, 200 days M.A on 27 July has triggered a reversal to 1.0515 so far. To maintain immediate bulls, higher low above 1.0480 is now required. Above 1.0638/45 will open 1.0675/95 barriers, with break here required to resume recovery. Loss of 1.0480/58, however, would attract key 1.0406/1.0393 support zone.

Res: 1.0593, 1.0638, 1.0645, 1.0675
Sup: 1.0515, 1.0480, 1.0458, 1.0406