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

EUR/USD

Returns to weakness after recovery from 1.3970 failed to hold gains above 1.4100 and fresh leg lower briefly broke below 1.3970, previous low and dented main bull trendline drawn off 1.1875, 2010 low. Daily chart studies continue to point lower, with clear break lower, along with recent loss of 200 day MA to trigger fresh bear phase, with initial target at 1.3836. However, some hesitation could be seen before break lower, as hourly oversold conditions suggest corrective action, with 20 day MA, currently at 1.4060, offering initial barrier, ahead of 1.4100 zone. Only lift above 1.4150 would ease bear pressure.

Res: 1.4012, 1.4060, 1.4107, 1.4150
Sup: 1.3953, 1.3907, 1.3854, 1.3836




GBP/USD

Extends losses to 1.5912, just ahead of our initial target at 1.5900, to find temporary support for fresh recovery attempt. Break above previous high at 1.6038 and 20 day MA, would signal stronger correction ahead, with regain of 1.6065 barrier and important levels at 1.6115/24, Fib 38.2% of 1.6453/1.5912 decline / 200 day MA, required to confirm. Upside rejection below the latter would signal lower top and fresh extension of the broader downtrend.

Res: 1.6051, 1.6063, 1.6115, 1.6124
Sup: 1.5990, 1.5956, 1.5927, 1.5912




USD/JPY

Maintains near-term positive structure after breaking above the one-month range tested recent high at 77.68. Subsequent pullback has so far found support at 77.00 zone and holding above here keeps scope for fresh recovery through 77.68, to test 78.00/45 next, with 20 day MA, currently at 77.20, underpinning. Loss of 77.00 handle, however, would suggest another false break higher and return back to the month-long range.

Res: 77.44, 77.70, 77.84, 78.00
Sup: 77.06, 76.71, 76.51, 76.41





USD/CHF

The near-term price action has seen break above the recent consolidation under 0.8624 high, posted on 06 Sep, with today’s fresh strength emerging higher to hit levels near 0.8700, our initial target. Near-term bulls remain intact while hourly 20 day MA, currently at 0.8600 supports the advance, with potential break here to return prices back to the range. Only loss of 0.8540 support would signal stronger pullback.

Res : 0.8624, 0.8700, 0.8746, 0.8800
Sup: 0.8624, 0.8600, 0.8582, 0.8540

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