Windsor Brokers - Short Term Technical Analysis for Majors (updated daily) - page 62
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
The single currency bounces vs the dollar at the beginning of the week, with gap-higher opening backed by positive news from Eurozone. Initial barriers at 1.2600/20 are now coming under pressure. On the downside, 1.2500 offers solid support for now, despite last Friday’s brief break that posted fresh low at 1.2496. Larger picture, however, shows bears fully in play, though indicators at their extreme points, with bounces higher seen as corrective, as long as 1.2800 zone, previous high of 21 May and Fib 38.2% of 1.3282/1.2496 limits the upside. Positive tone on hourly chart sees potential for further corrective action, once 1.2620 is cleared, with 1.2670, 50% and 1.2700, figure resistance / Fib 61.8%, seen next.
Res: 1.2620, 1.2633, 1.2670, 1.2685
Sup: 1.2584, 1.2558, 1.2515, 1.2500
GBP/USD
The pair moves in a near-term corrective mode, after broad slide from 1.6300, yearly high, found temporary support at 1.5630, near Fib 61.8% of 1.5233/1.6300 ascend. Overextended studies on a daily chart see potential for stronger corrective action, however, no firm signal seen yet. Positive tone on hourly chart, from the other side, supports current action higher, with overnight’s gap-higher opening, attempting at first significant barrier at 1.5700/25 zone, Fib 38.2% / 24 May high. To confirm recovery, regain of minimum 1.5800, 200 day MA, is required.
Res: 1.5716, 1.5725, 1.5737, 1.5763
Sup: 1.5675, 1.5662, 1.5646, 1.5629
USD/JPY
Recovery attempt off 79.00 is losing ground after gains were capped at 80.00 zone, daily Ichimoku cloud base. Subsequent easing below bull trendline connecting 79.00/20 lows, with weakening near-term studies, sees risk of revisiting our key short-term support at 79.00, break of which to open way for fresh extension of broader downtrend from 84.17, annual high and expose 78.50, 200 day MA, next. Initial resistances lie at 79.7080, where 55 day EMA caps, while only firm break above 80.00, previous high / Fib 38.2%, would bring short-term bulls back in play for possible attack at the next significant barrier at 80.60.
Res: 79.50, 79.70, 79.81, 80.00
Sup: 79.20, 79.00, 78.50, 78.30
USD/CHF
Remains in a near-term corrective mode, after 0.9600 zone limited recent strong gains. Initial support at 0.9540 now comes under pressure, below which to open 0.9500. Only extension below 0.9465, last week’s higher platform and Fib 61.8% of 0.9366/0.9609 ascend, would signal a pause in short-term uptrend in favor of stronger corrective action, with 0.9400 and 0.9366 to come in focus. On the upside, filling today’s gap will bring bulls fully in play for fresh extension towards 0.9700 zone, our next target.
Res: 0.9570, 0.9590, 0.9609, 0.9650
Sup: 0.9513, 0.9500, 0.9465, 0.9443
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
Near-term sentiment turned negative, as the pair lost ground again after brief correction and basing attempt failed. Upside rejection above 1.2600 and subsequent reversal that resulted in loss of near-term footstep at 1.2500, opened way for extension of broader downtrend, with 1.2439 low seen so far. As more negative news come from the Eurozone, the outlook for the single currency remains bleak, with short-term focus turning towards 1.2150, June 2010 low and retest of 1.2000, not ruled out in the coming weeks. Previous base at 1.2500, now offers initial resistance, while any stronger corrective action requires break above 1.2600 zone.
Res: 1.2480, 1.2500, 1.2515, 1.2550
Sup: 1.2439, 1.2400, 1.2380, 1.2350
GBP/USD
Cable dipped below temporary support zone at 1.5640, approaching next significant support at 1.5600, 12 Mar low and the last strong hurdle on the way towards 1.5233, 13 Jan yearly low. As bearish tone continues to drive the price lower, possible bounce higher would occur on oversold near-term studies. Previous lows at 1.5630/40 zone offer initial barriers, while any stronger gains are seen limited at 1.5700/50 zone for now.
Res: 1.5600, 1.5630, 1.5640, 1.5654
Sup: 1.5561, 1.5550, 1.5530, 1.5500
USD/JPY
The pair breaks below near-term triangle support at 79.40, as corrective action off 79.00 stalled at psychological 80.00 barrier and subsequent weakness, followed by narrow consolidation, lost momentum. Immediate focus comes at 79.20, ahead of strong 79.00 support, loss of which to signal an extension of broader downtrend from yearly high at 84.17 and expose 78.60 200 day MA, next. Near-term studies are turning negative after brief neutral-mode movements. On the upside, recent range top at 79.60, offers initial resistance, ahead of more significant 80.00 zone. Only break here would ease bear pressure.
Res: 79.60, 79.70, 79.81, 80.00
Sup: 79.28, 79.20, 79.00, 78.50
USD/CHF
Continues to travel north after brief consolidation followed two unsuccessful attempts through 0.9600 barrier, with footstep found above initial support at 0.9530. Clearance of 0.9600 opens way towards our next upside target at 0.9700, figure resistance / 150 day MA. Positive near-term studies remain supportive, however, caution required as MACD bullish divergence appearing on 4H chart and daily studies at extreme levels. Immediate support lies at 0.9600, ahead of 0.9556 and 0.9527 that are expected to keep the downside protected for now.
Res: 0.9653, 0.9700, 0.9743, 0.9773
Sup: 0.9622, 0.9600, 0.9556, 0.9527
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
The Euro continues to travel south, as concerns about Eurozone crisis rise. Negative sentiment drives the pair lower, with 1.2000 zone coming in focus. Loss of near-term base at 1.2500 has triggered fresh weakness, with yesterday’s break below the next round figure support at 1.2400, extending losses to 1.2356, fresh 2-year low so far, en-route to 1.2150, low of June 2010, our next target. Any corrective action would be triggered by overextended studies, with strong barriers at 1.2500 and 1.2600 zone, expected to cap for now, with interim minor resistances at 1.2400 and 1.2460/80.
Res: 1.2400, 1.2422, 1.2460, 1.2480
Sup: 1.2356, 1.2350, 1.2300, 1.2250
GBP/USD
The pair accelerated losses after break below 1.5640/00, the last significant hurdle on its way down, towards 1.5233, 2012 low, posted on 13 Jan. Minor supports at 1.5530/00 have been also cleared, as negative sentiment increases. With near-term studies deeply in the negative territory, some corrective action may be seen, preceding fresh weakness. Previous supports at 1.5500/30, now offer initial barrier, while any stronger bounce should find strong resistance at 1.5600/40 zone.
Res: 1.5500, 1.5530, 1.5600, 1.5640
Sup: 1.5461, 1.5400, 1.5350, 1.5300
USD/JPY
The pair has lost ground after near-term recovery attempt failure and returned to a broader downtrend, after breaking below main bear-trendline off 84.08 and key near-term support at 79.00. Fresh weakness is approaching our next downside barrier at 78.60, 200 day MA, below which to focus 78.30, Feb’s range top and 78.00, round figure support. With hourly indicators at extreme points, corrective movements are seen in the near-term. Previous support and today’s high at 79.00/12, now act as initial resistance, while only regain of 79.40/60 zone would provide relief.
Res: 79.00, 79.12, 79.20, 79.60
Sup: 78.70, 78.60, 78.30, 78.00
USD/CHF
The near-term rally accelerated on a break above strong barrier at 0.9600 and extended through 0.9700, weekly 150 day MA, posting fresh high at 0.9718, during the Asian session. Bulls remain firmly in play, with corrective pullback on overbought near-term studies, under way. Immediate support lies at 0.9675, ahead of minor ones at 0.9640/20 zone and key near-term support at 0.9600, also near Fib 38.2% of 0.9366/0.9718 rally and should contain any stronger reversal. On the upside, return to the levels above 0.9700 to focus 0.9743/73, ahead of 0.9800, figure resistance.
Res: 0.9700, 0.9718, 0.9743, 0.9773
Sup: 0.9675, 0.9636, 0.9622, 0.9600
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
Moves in a third wave from last Friday’s low at 1.2287, after yesterday’s strong reversal from day’s high at 1.2541, found support at 1.2410, 50% retracement of 1.2287/1.2541 upleg. Fresh strength regained 1.2500 handle and briefly broke above main bear trendline, drawn off 1.3282 peak, increasing possibilities for stronger gains, as hourly indicators moved into positive territory. Clearance of 1.2541 barrier and close above here, will confirm near-term bullish structure for fresh extension towards 1.2600 and breakpoint zone at 1.2623/41. Broken bear trendline, along with yesterday’s intraday high at 1.2470, offers initial support, while key near-term support lies at 1.2400 zone and break here would be bearish.
Res: 1.2500, 1.2515, 1.2541, 1.2572
Sup: 1.2470, 1.2440, 1.2410, 1.2400
GBP/USD
Break above near-term range top, last Friday’s spike high and Fib 38.2% of 1.5715/1.5267 descend at 1.5437, now signals fresh strength ahead. As hourly studies regained momentum, potential is seen for test of significant barriers at 1.5500/25 clearance of which to allow for stronger recovery and possibly expose 1.5600, previous strong support, now reverted to resistance. Yesterday’s higher low at 1.5320, along with 1.5300, round figure support and long-term bull trendline off 1.3500, 2009 low, offer key near-term support, with break here to bring bears back in play for test of 1.5267/33.
Res: 1.5460, 1.5500, 1.5525, 1.5544
Sup: 1.5414, 1.5400, 1.5374, 1.5340
USD/JPY
Maintains positive tone off last Friday’s low at 77.65, as the near-term price action breaks above 200 day MA at 78.65 and main bear trendline at 78.70. Fresh strength approaches the next strong barrier at 79.00, retracing so far over 50% of 80.13/77.65 downleg, with break here to signal stronger correction of broader downtrend from 84.17, yearly high. Toppish hourly studies may delay fresh strength, with previous resistance at 78.60 zone, now offering support and required to contain dips. However, only loss of 78.00, would be a signal that bears are back in play.
Res: 78.64, 78.80, 79.00, 79.12
Sup: 78.30, 78.20, 78.00, 77.75
USD/CHF
The pair extended its near-term corrective pullback through 0.9637/00 support zone, to dip to 0.9575 so far, where a temporary footstep was found. Bounce from here was short-lived, as gains were capped on approach to 0.9700, our next barrier and subsequent slide below 0.9600, now increase risk of further easing. Loss of 0.9575 to open 0.9500, next strong support, for test, ahead of possible further easing towards 0.9400 and strong support at 0.9366, 21 May higher low.
Res: 0.9623, 0.9664, 0.9700, 0.9769
Sup: 0.9575, 0.9557, 0.9520, 0.9500
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
The euro extended its near-term gains off 1.2267 low, after digesting yesterday’s ECB’s data. Bullish momentum pushed the pair to the levels close to the next resistance zone at 1.2600 and 1.2623, 28 May high / Fib 61.8% of 1.2823/1.2267 descend, with clear break here to spark more significant recovery. On the downside, 1.2541/00 offers immediate support, ahead of more significant 1.2441, yesterday’s higher low / 50% retracement, loss of which would weaken the structure.
Res: 1.2584, 1.2600, 1.2623, 1.2641
Sup: 1.2541, 1.2526, 1.2500, 1.2470
GBP/USD
Yesterday’s regain and brief break above 1.5500 barrier, keeps the near-term bulls off 1.5267, last Friday’s low, in play, with immediate target at 1.5525, 31 May high. Corrective pullback on overbought hourly conditions faces initial and strong support at 1.5440 zone, where previous range high and 55 day EMA lies, ahead of 1.5400 zone that is expected to contain dips and keep near-term bulls in play. Loss of 1.5400, however, would be spark for fresh weakness and test of strong support zone at 1.5320/00.
Res: 1.5500, 1.5525, 1.5544, 1.5600
Sup: 1.5440, 1.5420, 1.5400, 1.5374
USD/JPY
Continues to trend higher after clearance of very significant barriers at 78.60, 200 day MA / main bear trendline and 79.00, 18 May low. Break above the latter now sees potential for stronger corrective action and possible retest of the next strong resistance zone at 80.00. Minor support lies at 79.20 zone, ahead of 79.00, with today’s close above here, required to keep near-term bulls in play.
Res: 79.47, 79.63, 79.81, 80.00
Sup:79.20, 79.00, 78.60, 78.45
USD/CHF
As expected, the dollar extended its near-term corrective action against the Swiss Franc, after failure to regain 0.9700 barrier, sparked sell-off through previous low at 0.9675, also 50% of 0.9366/0.9769 rally. Dips so far reached 0.9538, just ahead of our next target at 0.9527, Fib 61.8% and 0.9500, figure support. Bounce on oversold hourly conditions, faces immediate barriers at 0.9675 and 0.9600, however, only break above 0.9650 would prevent the pair from further sliding. As the price broke below main bull trendline on the daily chart and studies started to point lower, further retracement should not be ruled of, with break below 0.9500 handle to sideline short-term bulls.
Res: 0.9575, 0.9600, 0.9650, 0.9675
Sup: 0.9538, 0.9520, 0.9500, 0.9465
Windsor Brokers - Short Term Technical Analysis for Majors (13:00 GMT)
EUR/USD
The near-term positive sentiment brought the pair to our initial target and first barrier at 1.2600. Brief easing, seen today, found footstep at strong support at 1.2540, keeping bulls firmly in play. Lift above 1.2600, also daily 20 day MA, opens way towards the next strong barrier and breakpoint at 1.2620/40 zone, Fib 61.8% / 28 May high / previous yearly and 25 May low, break of which to signal stronger correction. Initial support lies at 1.2540, today’s low / main bull trendline, ahead of 1.2500.
Res: 1.2623, 1.2641, 1.2686, 1.2700
Sup: 1.2584, 1.2541, 1.2526, 1.2500
GBP/USD
Cable rallied sharply today, propped by BOE’s decision to keep rate and QE target unchanged. Rally from today’s low at 1.5428, accelerated pace after break above 1.5500/14, clearing 1.5544, Fib 61.8%, to come few ticks ahead of the next barrier at 1.5600. Strong bullish momentum sees potential for further gains, with clearance of 1.5600 to expose 1.5640, mid Feb lows and 1.5662, Fib 38.2% of 1.6300/1.5267 downleg. As hourly studies approach overbought zone, corrective action is not ruled out., Previous resistances at 1.5525/00 zone, now offer initial support, with 1.5470/50 zone expected to contain any stronger reversal.
Res: 1.5600, 1.5630, 1.5640, 1.5662
Sup: 1.5550, 1.5525, 1.5500, 1.5470
USD/JPY
The pair jumped after breaking above today’s previous high at 79.50, to approach our target and nest resistances at 80.00/13 zone, figure resistance / Fib 38.2% of 84.14/77.65 descend. Positive sentiment, established last Friday, nearly fully retraced recent 80.13/77.65 downleg, as gains accelerated after clearance of 78.65, 200 day MA / main bear trendline at former base at 79.00. Break above 80.13 to signal further correction towards 80.60, former double-top of 02/15 May. Corrective dips should ideally be contained at/above 79.00.
Res: 79.81, 80.00, 80.13, 80.60
Sup: 79.50, 79.20, 79.00, 78.60
USD/CHF
Continues to travel south, after yesterday’s break below significant support at 0.9675, extended near-term corrective pullback to 0.9520, Fib 61.8% of 0.9366/0.9769 upleg. As negative sentiment continues to drive the pair lower, test of the next support at 0.9500 is likely, with break here to open way for further retracement towards 0.9465/35. Near-term studies remain in the negative territory, with 20/55 day EMA’s crossover, maintaining negative tone and keeping the upside protected.
Res: 0.9575, 0.9600, 0.9650, 0.9675
Sup: 0.9500, 0.9465, 0.9436, 0.9400
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
Overnight’s over 100 pips gap-higher opening keeps the short-term bulls off 01 June 1.2287 low in play, as the price breaks above strong 1.2600/20 barrier, also Fib 61.8% of 1.2823/1.2687 downleg. Today’s close above 1.2620 would be supportive for further extension higher, as the pair gained strong bullish momentum. The near-term price action stays for now limited at 1.2650 zone, with overextended hourly conditions seeing potential for corrective action. Good supports are seen at 1.2620/00, along with 1.2550, where 55 day EMA should ideally contain any stronger pullback. Only fall to 1.2500 and filling the gap, would be bearish. On the upside, above 1.2667, day’s high, to focus 1.2686/1.2700, initially.
Res: 1.2650, 1.2667, 1.2686, 1.2700
Sup: 1.2620, 1.2600, 1.2577, 1.2550
GBP/USD
Maintains short-term positive tone off 1.5267 low, as strong reversal off last week’s high at 1.5600, was contained by rising trendline off 1.5267, at 1.5400 zone, with today’s gap-higher opening, looking for fresh stretch towards 1.5600, initial target. Break of the latter to focus next significant barriers at 1.5640 and 1.5700/15. Day’s low at 1.5500, along 20 day EMA, acts as initial support, while dip below 1.5450 would threaten retest of 1.5424/00, bull trendline / last Friday’s low.
Res: 1.5572, 1.5600, 1.5640, 1.5700
Sup: 1.5500, 1.5474, 1.5450, 1.5400
USD/JPY
Short-term positive tone from 77.65, 01 June low, continues to dominate, as corrective pullback off fresh high at 79.78 found ground above significant support at 79.00 and fresh strength keeps the upside in focus. With near-term studies in the positive territory, retest of 79.78 and possible stretch towards 80.00/13 zone and next target, remains favored. On the downside, 79.34 offers initial support, ahead of strong ones at 79.00 and 78.68, 200 day MA, loss of which would signal return to weakness.
Res: 79.71, 79.81, 80.00, 80.13
Sup: 79.34, 79.10, 79.00, 78.65
USD/CHF
Short-term bears off 0.9769, 01 June fresh high, accelerate on today’s gap-lower opening for nearly 100 pips, with loss of strong support at 0.9500 zone, previous low and Fib 61.8% level, seeing potential for stronger retracement of 0.9041/0.9761 rally. Immediate focus comes at 0.9400, figure support and more significant 0.9366, 21 May higher low. Corrective action on oversold near-term studies, currently testing initial barrier at 0.9500 and seen limited under 0.9600. Only break above the latter, would delay immediate bears.
Res: 0.9522, 0.9550, 0.9575, 0.9600
Sup: 0.9500, 0.9477, 0.9400, 0.9366
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
The negative sentiment has come back in play, as initial optimism from Spanish bailout and yesterday’s jump higher, were short-lived. Filling yesterday’s gap has resulted in further weakness that nearly fully retraced initial rally from 1.2434 to 1.2667. As overnight’s bounce was capped at 1.2500 barrier, also 20 day EMA, with weak hourly studies, near-term outlook remains negative. Break below 1.2440 zone, also Fib 61.8% of 1.2287.1.2667 upleg and 1.2400, 05 June low / figure support, to possibly signal an end of short-term corrective action. Only regain of 1.2550/66, upper Bollinger / yesterday’s intraday high, would ease bear pressure.
Res: 1.2506, 1.2550, 1.2566, 1.2600
Sup: 1.2449, 1.2440, 1.2434, 1.2409
GBP/USD
Near-term price action shows the pair at the back foot, following the upside rejection at 1.5600, however, positive short-term structure off 1.5267, 01 June low, remain intact for now. Bull trend line, connecting 1.5267 and 1.5400, now offers good support and holding above here, would keep hopes of fresh strength alive. Upside break above 1.5600, key near-term barrier, is required to trigger stronger corrective action and open 1.5640 and 1.5700 next. On the downside, break below trendline and 1.5400, 08 June higher low, would risk test of very strong support at 1.5320, 05 June low / long-term bull trendline off 2009 low and 1.5300, figure support.
Res: 1.5581, 1.5600, 1.5640, 1.5700
Sup: 1.5523, 1.5500, 1.5474, 1.5450
USD/JPY
The pair holds short-term positive tone off 77.65, 01 June low, as near-term consolidative/corrective action has so far been contained above important 79.00 support / bull trendline off 77.65 and 55 day EMA at 79.10 zone. Fresh strength is under way, looking for test of initial barrier at 79.78, last week’s high, ahead of more significant 80.00/13, figure resistance / 22 May high / Fib 38.2% of 84.17/77.65 descend. As daily 55 day MA crossed below 90 day MA at 80.40, this would be limiting the upside, in case of lift above 80.00/13 barrier. On the downside, key supports lie at 79.00 at 78.68, 200 day MA, loss of which would be bearish.
Res: 79.71, 79.81, 80.00, 80.13
Sup: 79.43, 79.16, 79.10, 79.00
USD/CHF
Yesterday’s strong rally off 0.9477, where the pair dipped after gap-lower Monday’s opening, has nearly fully retraced Friday/Monday 0.9656/0.9477 slide, but failed to regain 0.9656 on a first attempt. While the downside remains protected at 0.9560/40 zone, hopes of fresh attempt higher exist, with clearance of initial barrier at 0.9644 and more significant 0.9656/75, required to signal bottom at 0.9477 and turn near-term focus higher. Otherwise, further retracement of 0.9366/0.9769 upleg would be likely short-term scenario.
Res: 0.9620, 0.9644, 0.9656, 0.9675
Sup: 0.9589, 0.9561, 0.9550, 0.9541
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
Remains in a range established yesterday, after fall from 1.2667 peak found support at 1.2450 zone. Sideways movements in past 24-hours were limited at 1.2530, Fib 38.2% of 1.2287/1.2667 upleg and descending 55 day EMA. Hourly studies hold neutral tone, while 4-hour chart indicators are in the negative territory. Unless initial barrier at 1.2530, as well as 1.2560, 50% retracement is breached, downside will remain vulnerable, while regain of Fib 61.8% at 1.2584 and 1.2600 handle will re-focus 1.2667. Key supports lie at 1.2440 and 1.2400, below which, bears will be taking control for fresh leg lower and possible retest of 1.2300/1.2287.
Res: 1.2515, 1.2528, 1.2550, 1.2566
Sup: 1.2472, 1.2441, 1.2434, 1.2409
GBP/USD
Maintains short-term positive tone off 1.5267 low, after finding ground at 1.5450, trendline support. Yesterday’s fresh strength and brief break above bear-trendline off 1.5600 and previous high at 1.5581, comes closer to our near-term target and key barrier at 1.5600, break of which to open fresh bull-leg, as part of short-term corrective bounce from 1.5267, 01 June low. Near-term studies in the positive territory, remain supportive, with break above 1.5600 to open 1.5640/50 zone next. Any pullbacks should be contained at 1.5500/1.5480, 20 day EMA / bull trendline.
Res: 1.5562, 1.5581, 1.5589, 1.5600
Sup: 1.5500, 1.5476, 1.5450, 1.5404
USD/JPY
Near-term price action remains congested under 80.00 barrier, as several attempt here failed. However, downside stays protected above 79.00 support, with ascending 55 day EMA holding dips, along with bull trendline off 77.65 low. Clearance of range top at 79.80 zone and 80.00/13, figure resistance / Fib 38.2% of 84.17/77.65 descend, is required to resume short-term recovery and open 80.50/60 next. Minor support lies at 79.35, while only loss of 79.00 and 200 day MA at 78.68, would bring bears back in play.
Res: 79.38, 79.81, 80.00, 80.13
Sup: 79.35, 79.16, 79.10, 79.00
USD/CHF
Consolidates recent strong rally off 0.9477, Monday’s low, after gains reached level just under our initial targets at 0.9656/75. As near-term consolidation range remains supported by ascending 55 day EMA at 0.9580 zone and near-term studies holding positive tone, possibilities of fresh extension higher are likely. Clearance of 0.9656/75 to open 0.9700 and possibly re-focus 0.9769, 01 June peak. On the downside, loss of near-term range floor and Fib 38.2% of .9477/0.9649 upleg at 0.9580, would delay, while break below 0.9550 will sideline near-term bulls.
Res: 0.9626, 0.9649, 0.9656, 0.9675
Sup: 0.9594, 0.9583, 0.9546, 0.9512
Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
Remains in a near-term range that was interrupted by brief break to 1.2667 on Monday. Hourly structure is still positive, with 20 day EMA holding the downside during the overnight session, however, yesterday’s upside rejection at 1.2609 and this morning’s failure at 1.2587, see risk of retesting strong support zone at 1.2550/40, where also Fib 38.2% of 1.2455/1.2609 upleg and near-term bull trendline off 1.2455, 12 June low lie. Break here would weaken the near-term structure and allow for further slide towards Fibonacci supports at 1.2525 and 1.2505, with loss of the latter seen bearish. Studies on the daily chart have regained some momentum, however, yesterday’s gains were capped by descending trendline, connecting 1.3282 and 1.2667 peaks that may be a signal for fresh weakness ahead. Break above week’s high and Fib 38.2% of 1.3282/1.2287 descend at 1.2667 is required to confirm short-term bulls and trigger stronger recovery.
Res: 1.2587, 1.2600, 1.2609, 1.2667
Sup: 1.2550, 1.2540, 1.2525, 1.2500
GBP/USD
Came under pressure after renewed attempt higher stalled at strong barrier at 1.5600, where descending daily 20 day MA capped gains.. The third wave off yesterday’s peak at 1.5597, broke below bull trendline at 1.5500 that sparked fresh sell-off, with test of Fib 38.2% at 1.3470 seen so far. As hourly studies broke into negative territory, further weakness is likely, with next barriers at 1.5452, 12 June low and more significant 1.5400, 08 June low, loss of which to confirm top at 1.5600 and open 1.5320/00 next. On the upside, today’s high at 1.5530, offers initial resistance, together with 20 day EMA, while only lift above bear-trendline, connecting 1.5600 and 1.5581 peaks, would turn focus higher.
Res: 1.5500, 1.5530, 1.5566, 1.5581
Sup: 1.5470, 1.5450, 1.5432, 1.5400
USD/JPY
The dollar came under pressure again on negative fundamentals, keeping the upside target at 80.00 intact for now. However, Short term positive tone still exists, as long as higher base at 79.10 zone holds, with initial support at 79.30, 55 day EMA. Negative tone that dominates on hourly chart and descending 4H chart studies attempting at their midlines, see risk of further easing. Key supports lie at 79.00 and 78.70, 200 day MA, below which, larger picture’s bears off 84.17, yearly high, will take control. Overnight’s high at 79.47 offers initial resistance, ahead of recent range ceiling at 79.80 zone that capped the past few day price action.
Res: 79.50, 79.81, 80.00, 80.13
Sup: 79.30, 79.16, 79.10, 79.00
USD/CHF
Maintains negative near-term tone, as reversal from 0.9650, 12 June high, broke below Fibonacci 61.8% support at 0.9543, to hit 0.9520 so far. Brief corrective action was so far capped by 20 day EMA on hourly chart, with indicators holding below their midlines and keeping the downside vulnerable. Break below 0.9520/00 breakpoint will be a trigger for further extension of short-term reversal from 0.9769 peak, with 0.9400 and 0.9366 expected to come in short-term focus. Loss of bullish momentum on a daily chart, sees potential for further retracement of 0.9041/0.9761 upleg.
Res: 0.9567, 0.9593, 0.9600, 0.9626
Sup: 0.9543, 0.9527, 0.9512, 0.9500