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

EUR/USD
Yesterday’s reversal from fresh high at 1.2745, hit day’s low at 1.2557, also Fib 61.8% of 1.2441/1.2745 upleg, where temporary support was found. Brief recovery hasn’t shown much, despite regain of 1.2600 handle, as near-term structure remains negative, following yesterday’s losses. Bounce from 1.2557 was capped by 55 day EMA at 1.2613, with fresh slide under 1.2600, keeping the downside in focus. Loss of strong supports at 1.2557, yesterday’s low and 1.2543, bull trendline connecting 1.2287 and 1.2441 lows, to trigger further weakness and open 1.2500 and 1.2440 higher platform. On the upside, only regain of strong barrier at 1.2665 would turn focus higher.

Res: 1.2600, 1.2613, 1.2645, 1.2665
Sup: 1.2557, 1.2541, 1.2534, 1.2500





GBP/USD
Bounce from 1.5629, yesterday’s low, where a corrective pullback off 1.5740 high, found support, remains under initial barrier at 1.5700, with more sideways movement seen in late Asia / early Europe trading. Near-term focus remains at the upside, as studies keep positive tone, however, break above 1.5700 is required for fresh attempt towards strong resistance zone at 1.5740/50, yesterday’s high / 200 day MA. Fibonacci level at 1.5660 offers initial support, ahead of yesterday’s low at 1.5629, while break below 1.5600 would weaken the near-term structure.

Res: 1.5700, 1.5718, 1.5740, 1.5750
Sup: 1.5660, 1.5630, 1.5600, 1.5576





USD/JPY
Narrows the near-term range, following yesterday’s upside rejection at 79.40, with 78.80 zone still holding the downside protected from retest of key near-term support at 78.60. As hourly indicators are entering negative territory and price action unable to break above 79.00, more weakness is seen likely. Loss of 78.60 would confirm bears are back in play, while bounce above 79.40 would provide near-term relief. Key upside barriers lie at 79.80 and 80.00.

Res: 79.13, 79.40, 79.50, 79.80
Sup: 78.92, 78.80, 78.60, 78.50





USD/CHF
Maintains near-term positive tone, after strong rally from yesterday’s low at 0.9420 broke above 0.9500/36 barriers, to peak at 0.9562, Fib 61.8% of 0.9649/0.9420 downleg. Brief easing on overbought near-term conditions, found support at 55 day EMA at 0.9517. As hourly studies started to point higher, potential is seen for test of 0.9562/72 barriers, break of which to open way for further retracement and expose figure resistance at 0.9600, ahead of very significant barriers at 0.9656/75. On the downside, loss of 0.9500 would turn near-term focus lower.

Res: 0.9562, 0.9572, 0.9600, 0.9626
Sup: 0.9517, 0.9500, 0.9481, 0.9439