Short Term Technical Analysis for Majors (08:20 GMT)

[WindsorBrokers]

EUR/USD

Remains in a consolidative mode, following strong rally from 1.2643. Clearance of the key 1.2920/31 resistance area, reached 1.3035, just under the objective at 1.3045, 61.8% retracement of 1.3332/1.2586 downleg. Break here will open 1.3074/1.3128 next, while reversal under 1.2955/20 would delay.

Res: 1.3035, 1.3045, 1.3074, 1.3128
Sup: 1.2955, 1.2920, 1.2875, 1.2828





GBP/USD

The latest price action has seen a test of 50% of the 1.5996/1.5296 fall, at 1.5648. While 1.5480/47 holds, the recovery remains intact for potential further gains. An eventual lower high is sought for a resumption of the downtrend.

Res: 1.5650, 1.5672, 1.5689, 1.5703
Sup: 1.5575, 1.5510, 1.5480, 1.5447





USD/JPY

Yesterday’s lower rejection at 82.86, fresh yearly low, has triggered strong rally to reach 85.76, near 85.91, 19/30 Aug highs. Hourly studies remain supportive for further upside, and above 85.76/91 to open 86.40 next, though, overbought conditions warn of correction preceding up move. Downside, 85.00/84.72 underpins the advance.

Res: 85.91, 86.40, 86.89, 86.99
Sup: 85.00, 84.72, 84.47, 84.00





USD/CHF

Rejection at 1.0276, near 38.2% of 1.0630/1.0060 decline, confirmed the underlying bear structure. Loss of critical support at 1.0065/60, multi year bear continuation pivot, would project a significant weakness longer-term, with 0.9932 seen so far, just above target at 0.9916, 2009 low. Upside, 1.0050/61 caps for now.

Res: 1.0047, 1.0061, 1.0088, 1.0097
Sup: 0.9965, 0.9932, 0.9916, 0.9900