Short Term Technical Analysis for Majors (09:00 GMT)

[WindsorBrokers]

EUR/USD
Extended decline to 1.3770 so far, following reversal off 1.4080, 25 Oct peak. While 1.3696, 20 Oct low holds, scope remains for a higher low ahead of fresh strength, with regain of minimum 1.3990 required to resume gains for retest of 1.4050/80, and possible final push to 1.4156. Loss of 1.3696, however, would complete a diamond top pattern and trigger fresh weakness towards 1.3636 first.

Res: 1.3877, 1.3907, 1.3980, 1.3990
Sup: 1.3770, 1.3755, 1.3696, 1.3636





GBP/USD
Has failed to sustain gains off 1.5649/51 double bottom, with reversal off yesterday’s 1.5895 high now under way. Higher low above 1.5689 is now required to maintain near-term positive structure and clearance of 1.5895 to expose 1.5940 next. However, the key barrier lies at 1.6105, break of which is needed to resume broader recovery off 1.4230. Downside, loss of 1.5649 weakens the tone.

Res: 1.5844, 1.5863, 1.5877, 1.5895
Sup: 1.5757, 1.5716, 1.5689, 1.5649





USD/JPY
Extends recovery off 80.40, 25 Oct fresh yearly low, with yesterday’s break through channel resistance, accelerating gains through 81.49/89 resistances to test 82.00 level so far. Next key levels lie at 82.34/50, 12 Oct high/38.2% of 85.92/80.40 decline. Corrective pullback should be contained by 81.30, to maintain immediate bulls.

Res: 82.34, 82.50, 82.75, 83.00
Sup: 81.30, 81.19, 80.90, 80.60





USD/CHF
Continues to correct higher off 0.9461, after break above channel resistance extended gains above 0.99 thus far. Next targets lie at 0.9931/63, 14 Sep low/61.8% of 1.0276/0.9461 downleg, with break above the latter to confirms base and extend recovery towards 0.9983/1.0014 next. Overbought hourly conditions, however warn of pullback, with 0.9700 offering key support.


Res: 0.9931, 0.9963, 0.9983, 1.0014
Sup: 0.9821, 0.9803, 0.9785, 0.9743