Short Term Technical Analysis for Majors (09:20 GMT)

[WindsorBrokers]

EUR/USD
Struggles to sustain gains after yesterday’s break through 1.4000 trendline resistance, with market being short just under 1.4080 resistance. Break here is required to resume the latest bull-leg from 1.3733 and expose key near-term resistance at 1.4165. Yesterday’s intraday low at 1.3947 is expected to contain corrective dips, while 1.3863 marks key near-term support.

Res: 1.4057, 1.4080, 1.4161, 1.4180
Sup: 1.3990, 1.3947, 1.3922, 1.3863




GBP/USD
Trading in a narrow range after yesterday’s rejection under key 1.6105 found support at 1.5960. Clearance of 1.6105 is required to continue the short-term recovery from 1.4230 and expose 1.6275 and then 1.6320, trendline resistance drawn off 1.704, Aug 2009 yearly high. Repeated failure to break 1.6105 would signal stronger correction, with 1.5895/75 seen as key support.

Res: 1.6079, 1.6088, 1.6105, 1.6177
Sup: 1.5960, 1.5920, 1.5895, 1.5875





USD/JPY
Trades in a narrow range above fresh annual at 80.24, after yesterday’s upside rejection left a lower top at 80.95. However, bears remain in play while 81.59 resistance holds, and fresh attempt lower targets 80.24/00 to focus 79.75, 1995 extreme low.

Res: 80.95, 81.13, 81.59, 81.69
Sup: 80.45, 80.24. 80.00, 79.75





USD/CHF
Reversal from 0.9969, 01 Nov high, broke below key support area at 0.9811/02, to reach 0.9756 and suggest possible end of the corrective phase off 0.9461, 14 Oct low. Further weakness is seen towards 0.9715, 50% of 0.9461/0.9969 upleg, and 0.9661, 25 Oct low. Only break above 0.9900/08 would provide relief.

Res: 0.9865, 0.9908, 0.9927, 0.9969
Sup: 0.9756, 0.9743, 0.9715, 0.9661