Short Term Technical Analysis for Majors (07:30 GMT)

[WindsorBrokers]

EUR/USD

Maintains negative tone after Friday’s loss of strong support at 1.4450 and sharp fall towards 1.4300, key short– term support. The pair is currently in a near-term consolidative phase after closing at 1.4330 on Friday and posting fresh low at 1.4320 overnight. Hourly chart regains momentum and attempt to break above 20 day MA that would signal correction, as near-term studies are in oversold zone. Upside looks capped at 1.4450/1.4500 for now, as wider picture studies point to the downside, with loss of daily 55 day MA, looking for attempt through 1.4300, to possibly test 1.4250 zone, 30 May lows / Fib 61.8% of 1.3968/1.4695 ascend.

Res: 1.4375, 1.4400, 1.4450, 1.4470
Sup: 1.4320, 1.4306, 1.4260, 1.4245

GBP/USD

Extended losses from 1.6471, clearing key short-term support at 1.6300 zone and Fib 61.8% of 1.6057 / 1.6545 upleg at 1.6244, to test levels just above 1.6200 handle. Current narrow consolidation at 1.6230/40 zone would likely precede fresh weakness, as near-term structure remains negative. However, oversold conditions may trigger further corrective action, with strong barrier at 1.6300/20 expected to cap. Below 1.6200 focus comes at 1.6131, 25 May low, ahead of possible full retracement and test of 1.6057, seen near-term.

Res:1.6257, 1.6300, 1.6323, 1.6350
Sup: 1.6214, 1.6200, 1.6160, 1.6131

USD/JPY

Corrective action from 79.68, 08 May fresh one-month low, regained 80.00 handle, extending gains above 80.45, Friday’s high, to hit 80.68, ahead of pullback. Hourly 20 day MA is expected to hold, to maintain near-term positive structure, for possible attempt at 81.00/31 zone next. On the downside, loss of 80./30/20 support area would risk fresh weakness towards 80.10/00, below which would turn bearish and expose 79.68/55, possibly 79.06 on a break.

Res: 80.55, 80.70, 81.00, 81.31
Sup: 80.30, 80.25, 80.10, 80.00

USD/CHF

Remains constructive above 0.8325 record low, as fresh gains reclaimed 0.8440/50 previous highs while 0.8395, Friday’s low / 20 day MA holds. Further price action is seen towards 0.8500/44 levels, as daily indicators started pointing higher.

Res: 0.8450,0.8466, 0.8500, 0.8550
Sup: 0.8414, 0.8395, 0.8380, 0.8345

 

[WindsorBrokers]

Short Term Technical Analysis for Majors (07:00 GMT)

EUR/USD

Bounce off yesterday’s low at 1.4320 is currently testing 1.4450 barrier, 01 June high / 03 June low / 20 day MA on 4-hour chart, ahead of Fib 38.2% at 1.4460. Break here would signal fresh gains and expose resistances at 1.4476/1.4500 zone. Clearance of 1.4550, however, is required to indicate possible end of corrective phase from 1.4695.

Res: 1.4450, 1.4460, 1.4476, 1.4500
Sup: 1.4413, 1.4400, 1.4377, 1.4345

GBP/USD

Extends rally from 1.6215, yesterday’s low, through 1.6350/1.6400 resistance zone, to reach 1.6426 so far. Upside break above key barrier at 1.6470 is sought to confirm strength for possible attack at 1.6546, 31 May high. However, overbought hourly conditions may see corrective pullback, with 1.6300 area expected to hold, to maintain near-term bulls, otherwise, loss of 1.6300/1.6280 would signal an end of recovery phase.

Res: 1.6426, 1.6465, 1.6471, 1.6500
Sup: 1.6400, 1.6354, 1.6311, 1.6300

USD/JPY

Holds above 80.00 support, following yesterday’s upside rejection at 80.68. Fresh gains are looking for retest of 80.70, strong resistance, 27/31 May low / trendline drawn off 82.20, break of which is required to resume gains towards 81.00, possibly 81.30/76. Failure to clear 80.70 would signal return to 80.00 zone.

Res: 80.46, 80.70, 81.00, 81.31
Sup: 80.25, 80.10, 80.00, 79.68

USD/CHF

Trades in a narrow range after failure to clear strong resistance at 0.8450 triggered sharp fall to 0.8350 zone. This offers strong support for now, however, upside clearance of 0.8383 is needed to confirm near-term bottom at 0.8350. Otherwise, test of record low at 0.8325 and further weakness into 0.8300/0.8250 zone, would be the likely scenario in the coming hours.

Res: 0.8383, 0.8400, 0.8450, 0.8466
Sup: 0.8350, 0.8325, 0.8300, 0.8250

 

[WindsorBrokers]

Short Term Technical Analysis for Majors (13:00 GMT)

EUR/USD

Trades in near-term corrective mode the recent gains through 1.4450 barrier peaked at 1.4471. Subsequent pullback on overbought hourly conditions, currently attempting to base at 1.4420 zone, where hourly 20 day MA lies. Further decline is not ruled out at this point, with 1.4400, daily 55 day MA, expected to contain dips and keep near-term strength intact. On the upside, clearance of 1.4475/1.4500 is required to resume gains towards key barrier at 1.4550, also Fib 61.8% of 1.4695/1.4320 downleg. Loss of 1.4400/1.4380, however, would indicate an end of recovery phase and re-focus 1.4320/00.

Res: 1.4450, 1.4476, 1.4500, 1.4550
Sup: 1.4413, 1.4400, 1.4377, 1.4345

GBP/USD

Daily 55 day MA at 1.6350 and hourly 20 day MA at 1.6390, so far hold corrective pullback from 1.6440, today’s peak of the latest rally from 1.6215, with 4—hour structure still supportive for fresh attempt higher. Clearance of key near-term barrier at 1.6470 is sought for extension towards 1.6545, while loss of strong support zone at 1.6350 would weaken near-term picture.

Res: 1.6420, 1.6465, 1.6471, 1.6500
Sup: 1.6376, 1.6354, 1.6345, 1.6311

USD/JPY

Break below daily Ichimoku cloud keeps the wider picture in the negative territory, while near-term structure maintains positive tone off 79.68, 08 June low. Gains were so far capped at 80.70, strong resistance level, also main trendline, connecting 82.20/81.76 highs, with break here sought to resume recovery and open 81.00/30 next, ahead of possible attempt at 81.76, key lower top. On the downside, 20 day MA at 80.25 and psychological 80.00 level, offer strong support for now.

Res: 80.70, 81.00, 81.31, 81.76
Sup: 80.40, 80.25, 80.10, 80.00

USD/CHF

Regains strength after sharp pullback from 0.8466, yesterday’s high, found good support at 0.8350 zone. Strong rally is approaching key near-term barriers at 0.8450/70, break of which is required to resume recovery towards 0.8500/44 and increase hopes for short-term basing above 0.8325, record low. Corrective pullback on overbought hourly conditions, however, should hold above 0.8400, to maintain near-term positive structure.

Res: 0.8450, 0.8470, 0.8500, 0.8544
Sup: 0.8400, 0.8380, 0.8350, 0.8325

 

[WindsorBrokers]

Short Term Technical Analysis for Majors (07:00 GMT)

EUR/USD

Recovery attempt from 1.4320, 13 May low, has ran out of steam on approach to 1.4500 barrier, with subsequent pullback losing near-term bull channel support and 1.4400 handle, to break below 1.4377, yesterday’s higher low and Fib 61.8% of 1.4320/1.4496 upleg, and test 1.4368, main trendline, connecting 1.3968 and 1.4320 lows, loss of which would signal an end of recovery phase from 1.4320 and re-focus 1.4320/00, strong support zone.

Res: 1.4377, 1.4400, 1.4428, 1.4450
Sup: 1.4345, 1.4320, 1.4300, 1.4256

GBP/USD

Renewed attempt towards key near-term barrier at 1.6470 has lost traction at 1.6440, sliding below 1.6375/50, to test 1.6330/20 zone, Fib 50% / 07 June low/20 day MA, ahead of 1.6300/1.6280, Fib 61.8% / 13 June higher low. Loss of the latter would confirm lower high at 1.6440 and open way for retest of 1.6215, key near-term support. Only regain of 1.6380/90 zone would ease immediate bear pressure.

Res: 1.6376, 1.6393, 1.6427, 1.6440
Sup: 1.6327, 1.6300, 1.6280, 1.6251

USD/JPY

Break below daily Ichimoku cloud keeps the wider picture in the negative territory, while near-term structure maintains positive tone off 79.68, 08 June low. Gains were so far capped at 80.70, strong resistance level, also main trendline, connecting 82.20/81.76 highs, with break here sought to resume recovery and open 81.00/30 next, ahead of possible attempt at 81.76, key lower top. On the downside, 20 day MA at 80.33 and psychological 80.00 level, underpin.

Res: 80.70, 81.00, 81.31, 81.76
Sup: 80.37, 80.12, 80.00, 79.68

USD/CHF

Extends the near-term recovery from 0.8325/45 lows, breaking through 0.8450/70 barriers, en-route to 0.8544/50, 31 May high/04 May low. Break here would confirm near-term base and open way for stronger recovery, with trendline resistance at 0.8660 seen on a break. On the downside, 0.8450/40 zone offers immediate support, with dynamic support at 0.8420, 20 day MA, underpinning the advance.

Res: 0.8500, 0.8544, 0.8550, 0.8600
Sup: 0.8466, 0.8455, 0.8440, 0.8420

 

[WindsorBrokers]

Short Term Technical Analysis for Majors (13:30 GMT)

EUR/USD

Extends fall from 1.4496, yesterday’s high, losing trendline support at 1.4368 and key near-term levels at 1.4320/00, to approach 1.4250, Fib 61.8% of 1.3968/1.4694. This confirms short-term downtrend and lower top at 1.4496. Negative near-term studies favor further weakness towards 1.4200/1.4180, with oversold conditions suggesting corrective bounce, ahead of fresh push lower. 1.4320/50 zone offers initial resistance

Res: 1.4300, 1.4320, 1.4350, 1.4377
Sup: 1.4263, 1.4256, 1.4245, 1.4200

GBP/USD

Upside rejection at 1.6440 has triggered sharp decline that nearly fully retraced 1.6215/1.6440 upleg, reaching 1.6226 so far. Potential loss of 1.6215 would expose 1.6131/00 next, while 1.6300/20 zone, Fib 38.2% / 20 day MA, is expected to hold corrective bounce, as hourly studies are deeply oversold.

Res: 1.6280, 1.6300, 1.6330, 1.6357
Sup: 1.6226, 1.6215, 1.6200, 1.6131

USD/JPY

Near-term price action off 79.68/80.00 cleared strong barrier at 80.70, also trendline off 82.20, to test 81.00 zone so far. Supportive near-term studies see scope for further gains towards 81.30, possibly 81.76 on a break, with corrective dips seen contained at 80.40 zone, to maintain near-term strength.

Res: 81.04, 81.31, 81.76, 82.00
Sup: 80.63, 80.37, 80.12, 80.00

USD/CHF

Extends the near-term recovery from 0.8325/45 lows, breaking through 0.8450/70 and 0.8500 barriers, en-route to 0.8544/50, 31 May high/04 May low. Break here would confirm near-term base and open way for stronger recovery, with trendline resistance at 0.8660 seen on a break. On the downside, 0.8450/40 zone offers immediate support, with dynamic support at 0.8430, 20 day MA, underpinning the advance.

Res: 0.8525, 0.8544, 0.8550, 0.8600
Sup: 0.8483, 0.8466, 0.8455, 0.8440

 

[WindsorBrokers]

Short Term Technical Analysis for Majors (07:00 GMT)

EUR/USD

Remains in a steep downtrend from 1.4496, 14 June high, losing key supports at1.4320/00, to accelerate losses to probe levels under 1.4100 level. Fresh 3-week low was reached at 1.4089 this morning, ahead of 1.4067/12, 26/25 May low, loss of which would attract 1.3968, key short-term support, for retest. Overextended hourly / 4-hour studies suggest corrective action, with 1.4200, overnight high and hourly 20 day MA, expected to cap for now. Wider picture outlook also weakened, as 100 day MA at 1.4155 was lost.

Res: 1.4155, 1.4200, 1.4256, 1.4300
Sup: 1.4089, 1.4067, 1.4012, 1.4000

GBP/USD

Upside rejection at 1.6440 has triggered sharp decline through 1.6240, triangle support and 1.6215, 10 June low, also losing 1.6200 handle, to extend losses close to 1.6131, next target and 25 May low. Further downside action is seen towards key level at 1.6057, 24 May low and recent range floor, loss of which would weaken the broader structure and confirm short-term top at 1.6745. on the upside, immediate resistance lies at 1.6220, while 1.6300 zone caps for now.


Res: 1.6215, 1.6224, 1.6272, 1.6300
Sup: 1.6144, 1.6131, 1.6100, 1.6057

USD/JPY

Near-term price action off 79.68/80.00 cleared strong barrier at 80.70, also trendline off 82.20, to reach 81.05 high thus far, ahead on pullback, as near-term studies entered overbought zone. Immediate support lies at 80.50/40 zone, 20 day MA / yesterday’s low, and reversal at this point required to keep near-term bulls in play for renewed attempt through 81.00, to open 81.76/82.20, key barriers. Loss of 80.40, however, would delay for 80.20, Fib 61.8 and important 80.00 handle, below which would end recovery phase and confirm lower top at 81.05.

Res: 81.05, 81.31, 81.76, 82.00
Sup: 80.50, 80.37, 80.20, 80.00

USD/CHF

Steady recovery from 0.8325/45 low, extended gains to test key near-term barrier at 0.8544/50 zone. Current corrective/consolidative phase on overbought near-term conditions, should be contained at 0.8480/50 support zone, also Fib 50%, to maintain near-term bulls. Clearance of 0.8550 would open way for fresh extension higher and target 0.8600/60 next. On the downside, potential loss of 0.8450, also 20 day MA, would risk fresh weakness below 0.8400 and likely signal an end of recovery phase.

Res: 0.8550, 0.8600, 0.8660, 0.8700
Sup: 0.8480, 0.8466, 0.8455, 0.8440

 

[WindsorBrokers]

Short Term Technical Analysis for Majors (14:00 GMT)

EUR/USD

Maintains near-term negative tone as the latest leg lower from 1.4496 broke below bear channel off 1.4695, 07 June high, to test levels below 1.4100. Overnight’s lower high at 1.4200 offers immediate resistance for corrective attempt on oversold near-term studies, with 1.4300/20 zone expected to cap. On the downside, next targets lie at 1.4012/00, with attempt at key support at 1.3968 seen on a break

Res: 1.4155, 1.4200, 1.4256, 1.4300
Sup: 1.4067, 1.4012, 1.4000, 1.3968

GBP/USD

Upside rejection at 1.6440 has triggered sharp decline through 1.6240, triangle support and 1.6215, 10 June low, also losing 1.6200 handle, to accelerate losses close below 1.6100, just ahead of key support at 1.6057, 24 May low and recent range floor. Break here would weaken the broader structure and confirm short-term top at 1.6745. On the upside, immediate resistance lies at 1.6220, while 1.6300 zone is expected to limit current corrective action on oversold hourly / 4-hour conditions.

Res: 1.6167, 1.6200, 1.6215, 1.6224
Sup: 1.6077, 1.6057, 1.6000, 1.5970

USD/JPY

Near-term price action off 79.68/80.00 cleared strong barrier at 80.70, also trendline off 82.20, to reach 81.05 high thus far, ahead on pullback, as near-term studies entered overbought zone. Support zone at 80.50/40, 20 day MA / yesterday’s low, has so far contained dips, with break above 81.05 sought for resumption of uptrend from 79.68, to target 81.76/82.20 next. The current hesitation just under 81.00 barrier may signal fresh weakness, with loss of 80.50/40 to weaken near-term structure and open 80.00/79.68 instead.

Res: 80.92, 81.05, 81.31, 81.76
Sup: 80.50, 80.37, 80.20, 80.00

USD/CHF

Steady recovery from 0.8325/45 low, extended gains to test key near-term barrier at 0.8544/50 zone. Current corrective/consolidative phase on overbought near-term conditions, should be contained at 0.8480/50 support zone, also Fib 50%, to maintain near-term bulls. Clearance of 0.8550 would open way for fresh extension higher and target 0.8600/60 next. On the downside, potential loss of 0.8450, also 20 day MA, would risk fresh weakness below 0.8400 and likely signal an end of recovery phase.

Res: 0.8550, 0.8600, 0.8660, 0.8700
Sup: 0.8466, 0.8455, 0.8440, 0.8418

 

[ryaron]

Nice drawings, what do they mean ?

 

[WindsorBrokers]

Short Term Technical Analysis for Majors (07:00 GMT)

EUR/USD

Returns into 4-hour bear channel after last Thursday’s false break lower found support at 1.4073, with subsequent bounce regaining 1.4300 barrier. Gains stalled at 1.4338 and fresh losses under 1.4200 mark, now increase risk of lower top and extension of the broader weakness off 1.4695, 07 June high. Break below Friday’s low at 1.4126 is required to confirm, and open way for retest of 1.4073, below which would target 1.4012 and key support at 1.3968. On the upside, clearance of 1.4327, channel ceiling and 1.4338 high is needed to signal higher low and expose 1.4500 zone.

Res: 1.4289, 1.4338, 1.4428, 1.4495
Sup: 1.4126, 1.4073, 1.4012, 1.3968

GBP/USD

Maintains short-term weak tone after upside failure to clear key barrier at1.6470 triggered sharp sell-off to 1.6077, last Thursday, just above 1.6057, 24 May low. The pair is currently congested within narrow range, with upside being capped under 1.6200. 20 day MA on 4-hour chart, currently at 1.6175, maintains near-term bears for attempt at 1.6077/57 and possible test of 200 day MA, currently at 1.6020, loss of which would confirm short term bears and top at 1.6745. To ease bear pressure, regain of minimum 1.6300 level is required.

Res: 1.6194, 1.6224, 1.6272, 1.6285
Sup: 1.6092, 1.6077, 1.6057, 1.6000

USD/JPY

Recovery from 79.68, 08 June low, was capped at 81.05, with fresh weakness testing psychological support at 80.00 so far. Loss of 80.00 would open strong supports at 79.68/55 for retest, break of which would confirm broader weakness off 85.50, as upside remains capped by 55/90 day MA’s at 81.67/77 and 82.20, previous high and 200 day MA at 82.34.

Res: 80.92, 81.05, 81.31, 81.76
Sup: 80.00, 79.68, 79.55, 79.06

USD/CHF

Steady recovery from 0.8325/45 low, extended gains to test key near-term barrier at 0.8544/50 zone. Corrective pullback on overbought near-term conditions, has so far been contained at 0.8440 support zone, also Fib 50%, keeping near-term bulls in play. Clearance of 0.8550 would open way for fresh extension higher and target 0.8600/60 next. On the downside, loss of 0.8440, would risk fresh weakness below 0.8400 and likely signal an end of recovery phase.

Res: 0.8514, 0.8550, 0.8600, 0.8660
Sup: 0.8440, 0.8418, 0.8400, 0.8345

 

[WindsorBrokers]

Short Term Technical Analysis for Majors (13:30 GMT)

EUR/USD

Maintains near-term positive structure off 1.4073, 3-weeks fresh low, after pullback from 1.4338, last Friday’s recovery high, was supported by trendline, connecting 1.4073 and 1.4126 lows. Fresh attempt higher needs to clear 1.4320./38, channel resistance / previous high, to resume recovery towards 1.4380, Fib 50% of 1.4695/1.4073 downleg, with possible extension to 1.4430/60 seen on a break. Failure to break above 1.4338, however, would signal lower top and fresh weakness and turn focus to 1.4190, today’s low.

Res: 1.4320, 1.4338, 1.4428, 1.4460
Sup: 1.4211, 1.4190, 1.4126, 1.4073

GBP/USD

Extends near-term recovery phase from 1.6077, 16 June low, in attempt to emerge from the recent consolidative range, with recent brief break above 1.6200 range ceiling, signaling further correction of the broader downmove from 1.6545 and 1.6470. However, clearance of 1.6224 is needed to confirm and expose 1.6285/1.6300 zone next, as hourly studies remain supportive. On the downside, hourly 20 day MA underpins, with key near-term support at 1.6108.

Res: 1.6224, 1.6272, 1.6285, 1.6300
Sup: 1.6108, 1.6092, 1.6077, 1.6057

USD/JPY

Recovery from 79.68, 08 June low, was capped at 81.05, with fresh weakness testing psychological support at 80.00 so far. Loss of 80.00 would open strong supports at 79.68/55 for retest, break of which would confirm broader weakness off 85.50, as wider picture outlook remains capped by 55/90 day MA’s at 81.67/77 and 82.20, previous high and 200 day MA at 82.34.

Res: 80.35, 80.47, 80.92, 81.05
Sup: 80.00, 79.68, 79.55, 79.06

USD/CHF

Continues to lose traction as the recent recovery from 0.8325 record low, stalled on test of initial barrier at 0.8550. Downside loss of 0.8466/40 support zone, increases risk of lower top at 0.8550 and extension of broader downtrend. Loss of 0.8420/00 support is needed to confirm and open way for retest of 0.8345/25 lows.

Res: 0.8475, 0.8514, 0.8550, 0.8600
Sup: 0.8400, 0.8345, 0.8325, 0.8300

 

[ryaron]

Fibonnaci pseudo-science babble.

 

[WindsorBrokers]

EUR/USD

Extends near-term recovery phase from 1.4073 low, breaking above bear channel from 1.4695 and previous high at 1.4338, to test Fib 50% of 1.4695/1.4073 decline at 1.4380. Mild correction to 1.4300 zone on overbought hourly studies was seen overnight, with fresh strength looking for break above daily 55 day MA at 1.4410, to possibly open 1.4496, 14 June high for retest. Near-term studies remain supportive, however, caution on hourly conditions approaching overbought zone. On the downside, 20 day MA at 1.4310, maintains positive tone, with reversal under 1.4290, yesterday’s intraday low and 1.4275, trendline support, to possibly signal near-term top and trigger deeper pullback.

Res: 1.4382, 1.4428, 1.4456, 1.4496
Sup: 1.4305, 1.4290, 1.4275, 1.4211

GBP/USD

Maintains near-term positive tone off 1.6077, 16 June low, breaking above 1.6200/45 barriers, to focus 1.6285/1.6300 targets, break of which is required to confirm near-term base and look for possible attack at 1.6400, trendline resistance. Hourly 20 day MA at 1.6210, underpins, while under 1.6200/1.6173 would risk deeper reversal into 1.6100 zone.

Res: 1.6253, 1.6272, 1.6285, 1.6300
Sup: 1.6204, 1.6173, 1.6108, 1.6092

USD/JPY

Continues to trade in a narrow consolidative range after losses from 81.05, 15 June high, found support at 80.00, psychological support. Hourly 20 day MA, currently at 80.20, limits the upside, with break here and 80.30/40, previous high zone, required to ease immediate bear pressure and signal further recover. However, clearance of 81.05 is needed to confirm higher low and possibly open way for test of 81.76/82.20 barriers. On the downside, loss of 80.00 handle risks retest of 79.68/55, key supports.

Res: 80.35, 80.47, 80.92, 81.05
Sup: 80.00, 79.68, 79.55, 79.06

USD/CHF

Near-term structure remains weak after recovery attempt from record low at 0.8325, stalled at initial barrier at 0.8550 and subsequent reversal lost 0.8466/40 handles, to test 0.8400 support. Hourly / 4 hour studies favor further weakness while 0.8480, 20 day MA and 0.8514, yesterday’s high, cap, with loss of 0.8400 to expose 0.8345/25 for retest. Only break above 0.8514 would improve near-term tone, but clearance of 0.8550 is required to confirm and open 0.8600 next.

Res: 0.8480, 0.8514, 0.8550, 0.8600
Sup: 0.8416, 0.8404, 0.8345, 0.8325

 

[WindsorBrokers]

Short Term Technical Analysis for Majors (13:30 GMT)

EUR/USD

Remains well supported at 1.4300 zone, as today’s two pullback were contained just above here, with latest strength attempting at 1.4380 zone, overnight’s high / Fib 50% of 1.4695/1.4073 downleg. Break here is sought for resumption of near-term uptrend from 1.4073, to open 1.4428/56, 15 June high / Fib 61.8%. Extended hourly indicators, however, warn of possible stall, and potential loss of 1.4300/1.4290 support zone, today’s lows / main trendline support, to delay immediate bulls.

Res: 1.4387, 1.4428, 1.4456, 1.4496
Sup: 1.4314, 1.4305, 1.4290, 1.4211

GBP/USD

Near-term tone weakened after renewed attempt at 1.6253, overnight’s high, also Fib 38.2% of 1.6545/1.6073, failed at 1.6243, with subsequent reversal losing 1.6200/1.6173 handles. Fresh strength off 1.6166, today’s low is currently struggling to sustain gains above 1.6200, with failure under 1.6250 zone to signal fresh leg lower and expose 1.6130, trendline support and 1.6108, yesterday’s low.

Res: 1.6243, 1.6253, 1.6272, 1.6285
Sup: 1.6166, 1.6130, 1.6108, 1.6092

USD/JPY

Continues to trade in a narrow consolidative range after losses from 81.05, 15 June high, found support at 80.00, psychological support. Hourly studies remain skewed to the downside while 20 day MA, currently at 80.20, and 80.33/36, today’s / yesterday’s highs, limiting the upside. Renewed attempt at 80.00 support increases risk of further weakness and below the latter to open 79.68/55, possibly 79.06, 18 Mar low, on a break.

Res: 80.35, 80.47, 80.92, 81.05
Sup: 80.00, 79.68, 79.55, 79.06

USD/CHF

Near-term structure remains weak after recovery attempt from record low at 0.8325, stalled at initial barrier at 0.8550 and subsequent reversal lost 0.8466/40 handles, to test 0.8400 support. Hourly / 4 hour studies favor further weakness while 0.8480, 20 day MA and 0.8514, yesterday’s high, cap, with loss of 0.8400 to expose 0.8345/25 for retest. Only break above 0.8514 would improve near-term tone, but clearance of 0.8550 is required to confirm and open 0.8600 next.

Res: 0.8473, 0.8514, 0.8550, 0.8600
Sup: 0.8416, 0.8404, 0.8345, 0.8325

 

[ryaron]

The king is naked, am I the only one to see that ?

 

[Enivid]

What do you want to say with that?

 

[ryaron]

I'm saying

that these drawings are nice, but they mean nothing.

 

[Enivid]

Do you deny the usefulness of the traditional technical indicators?

 

[ryaron]

If, as you think markets are stochastic then these indicators have no significance.
You can't tell the length of a cycle.

If on the other hand they are not stochastic, then they must follow the rules of deterministic dynamics.
elliott waves and fibonnacci recurrences are not known as tools of the science.

 

[Enivid]

But technical indicators could help traders detect the current state of the market, which would help predict its future state if there at least a week dependence between present and future data in markets.

 

[WindsorBrokers]

Short Term Technical Analysis for Majors (07:00 GMT)

EUR/USD

Strong rebound from 1.3836, 12 July low, exceeded our barrier at 1.4200, to extend gain to 1.4281 so far, just under Fib 61.8% retracement of 1.4576/1.3836 downleg. This confirms temporary bottom at 1.3836 and turns near-term focus higher. Corrective pullback from 1.4281, on overbought hourly conditions, has so far been contained by 20 day MA at 1.4165, with further reversal to be contained at 1.4130/00 zone, to keep immediate bulls in play. Above 1.4281 open way for test of key near-term resistance at 1.4373.

Res: 1.4250, 1.4281, 1.4300, 1.4351
Sup: 1.4165, 1.4130, 1.4109, 1.4098

GBP/USD

Strong rally that emerged after yesterday’s consolidation at 1.5960/00 zone, breached key near-term resistances at 1.6045/77, 200 day MA, 08 July high and 1.6139, 04 July correction top, to extend recovery from fresh 7-month low at 1.5779, posted on 12 July. New high was reached at 1.6192, ahead of corrective easing. Dips should hold above 1.6050, to maintain near-term bull-tone for fresh attempt through 1.6200 zone, towards next strong barriers at 1.6248/61, bear-channel resistance / 22 June high.

Res: 1.6192, 1.6248, 1.6261, 1.6300
Sup: 1.6149, 1.6109, 1.6077, 1.6047

USD/JPY

Has accelerated losses after breaking below key supports at 79.68/55 and 79.00, to spike to fresh 4-month low at 78.45. This confirms an extension of the broader downtrend from 85.50 and open way for possible retest of 76.32, 16 Mar, pre-intervention low. Corrective attempts are seen capped by 20 day MA, currently at 79.64 and 80.00 zone for now.

Res: 79.59, 79.68, 80.00, 80.25
Sup: 78.62, 78.55, 78.45, 78.00

USD/CHF

Slumps to a fresh historical low at 0.8073 overnight, after yesterday’s loss of previous low at 0.8273 accelerated losses. Corrective action on extremely overextended hourly studies is seen preceding fresh weakness, with 0.8000, then 0.7900 levels in focus, as wider picture outlook remains firmly bearish. Immediate barrier at 0.8170, today’s high / 20 day MA, needs to be cleared, to open way for stronger correction, with 0.8200/80 seen next.

Res: 0.8171, 0.8200, 0.8280, 0.8309
Sup: 0.8111, 0.8100, 0.8073, 0.8000