Short Term Technical Analysis for Majors (08:50 GMT)

[WindsorBrokers]

EUR/USD
Bounce off 1.3696, 20 Oct low, broke above 1.4003, previous high, to retrace 76.4% of 1.4156/1.3696 decline at 1.4050. Reversal from here needs to hold above 1.3871, yesterday’s low, to keep immediate bulls in play for fresh attempt at 1.4156, break of which is needed to resume broader uptrend and expose 1.4195, 25 Jan high. Loss of 1.3871, however, would confirm a lower top at 1.4150 and turn focus to 1.3696.

Res: 1.3990, 1.4003, 1.4050, 1.4093
Sup: 1.3871, 1.3822, 1.3800, 1.3753




GBP/USD
Reversal from 1.6105 reached 1.5649 on 20 Oct, ahead of bounce that retraced 50% of 1.6105/1.5649 downleg, at 1.5877. Rejection here has sparked fresh weakness, confirming lower top, with renewed attempt at 1.5649 under way. Break here is required to resume decline off 1.6105 and expose 1.5610/02, Sep lows/61.8% retracement of 1.5295/1.6105 upleg, while holding above 1.5649 may signal fresh attempt higher. Only regain of 1.5877 would improve the tone for test of 1.5941, above which would focus key 1.6105 resistance.

Res: 1.5749, 1.5826, 1.5848, 1.5877
Sup: 1.5649, 1.5603, 1.5536, 1.5503




USD/JPY
Trades in consolidative mode above 80.88/83 recent lows, and while 81.81/91 holds the upside, immediate risk is seen for fresh push through 80.83 to target 79.75, 1995 historical low, near-term. Only break above 81.91 and key 82.34 resistance would ease immediate bear pressure.

Res: 81.36, 81.81, 81.91, 82.34
Sup: 80.98, 80.83, 80.50, 80.00





USD/CHF
Continues to correct higher off 0.9461, after an upside rejection at 0.9455 dipped to 0.9569 yesterday, ahead of fresh strength that broke above 0.9455 today. Next resistance lies at 0.9787, Trendline off 1.0625, Aug high and 0.9841, 01 Oct high, with break here to ease immediate bear pressure and open way for stronger correction.


Res: 0.9787 0.9845, 0.9883, 0.9898
Sup: 0.9713, 0.9663, 0.9609, 0.9569