Short Term Technical Analysis for Majors

[WindsorBrokers]

Re: Short Term Technical Analysis for Majors (Updated 2xDaily)

EUR/USD
The Euro corrects past two trading days strong rally, sparked by positive news from EU summit. The single currency has registered the strongest daily gains in a past eight months, as rally from last Thursday’s base at 1.2406, extended close to 1.2700, psychological barrier, after clearing main bear trendline off 1.3282 peak at 1.2600. Short-term outlook maintains positive sentiment, as risk appetite comes back in play. Corrective pullback after slight gap higher opening, is testing broken bear-trendline, with further easing not ruled out and ideal reversal above 1.2550, to maintain short-term bulls. Clearance of key short-term barrier at 1.2745, 18/20 June double top, is required to open way for stronger recovery and expose 1.2800/25, next.

Res: 1.2642, 1.2679, 1.2691, 1.2700
Sup: 1.2610, 1.2600, 1.2582, 1.2552

GBP/USD
The pair consolidates recent strong rally from 1.5484, 28 June low, that briefly tested psychological 1.5700 barrier so far. Corrective/consolidative action off last Friday’s 1.5805 high has been contained at 20 day EMA and Fib 23.6% of 1.5484/1.5705, for now, keeping the upside in focus. However, clear break above 1.5700 barrier and clearance of more significant 1.5750, 200 day MA and 1.5776, 20 June peak, is required to confirm higher low at 1.5484 and resume short-term recovery off 1.5267, 01 June low. Short-term studies maintain positive structure for now, while only break below 1.5600 handle would weaken the tone.

Res: 1.5678, 1.5705, 1.5732, 1.5745
Sup: 1.5650, 1.5622, 1.5600, 1.5570

USD/JPY
Short-term outlook remains positive, as the pair’s latest rally from 79.12, 50% of 77.65/80.60 ascend, where the footstep was found, approached our key barrier at 80.00 last Friday, ahead of current corrective easing. The near-term price action is hovering around broken bull trendline in attempt to find ground, however, rather weak near-term studies keep the downside still vulnerable. Risk is seen on extension towards key near-term supports at 79.00 zone, previous lows / 200 day MA, loss of which to soften short-term structure.

Res: 79.72, 79.98, 80.00, 80.60
Sup: 79.50, 79.35, 79.12, 79.00

USD/CHF
The pair losses ground after reversal off 0.677, 28 June high, erased a good part of 0.9420/0.9677 rally. Bounce from last Friday’s low at 0.9461, is seen corrective, as near-term studies remain negative and descending 20 day EMA keeps the upside limited at 0.9520 zone for now. Possible further extension higher needs to clear another strong barriers at 0.9570/0.9600 to improve the near-term structure, otherwise, revisit of short-term base at 0.9420 and possible break lower, would be the likely scenario.

Res: 0.9523, 0.9544, 0.9570, 0.9594
Sup: 0.9500, 0.9471, 0.9461, 0.9420

 

[WindsorBrokers]

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

EUR/USD
The pair find footstep at strong 1.2580 support, where Fib 38.2% of 1.2406/1.2691 ascend, along with hourly 55 day EMA that started to point higher, contained near-term reversal off 1.2700. Negative near-term structure does not see much of the latest bounce, as long as 1.2666, yesterday’s high, stays intact, with break here and more important 1.2700 barrier, needed to resume rally from 1.2400 base. Larger picture shows the pair’s short-term price action entrenched within 1.2400 and 1.2700 range, with tone aligned towards the upside. However, clearance of 1.2700 hurdle, where daily 20 day MA caps for now, would be a spark for fresh gains and test of key 1.2745 peak.

Res: 1.2613, 1.2642, 1.2666, 1.2679
Sup: 1.2582, 1.2552, 1.2515, 1.2500

GBP/USD
The near-term price action remains congested t 1.5700 zone, as yesterday’s spike higher failed to regain 1.5732/49 barriers. Hourly studies are in a neutral mode, while 4H chart outlook shows more positive tone, however, the downside remains vulnerable as long as price stays under 200 day MA. Break here and 1.5776 is required to open way for fresh extension from 1.5484 higher low. Ascending 20 day EMA on the hourly chart, offers initial support at 1.5690, while risk of fresh weakness would be seen on a break below 1.5650, broken bear-trendline and 1.5640/30, yesterday’s higher platform / Fib 38.2% that would spark stronger reversal. Loss of 1.5600 will bring bears back in play.

Res: 1.5712, 1.5721, 1.5732, 1.5749
Sup: 1.5690, 1.5650, 1.5640, 1.5630

USD/JPY
Regains strength after upside rejection at 80.00 and subsequent reversal finding ground at 79.30 yesterday, where fresh has emerged. Break above broken bull-trendline at 79.70 and regain of yesterday’s lower high at 79.83, sees potential for revisiting key near-term barrier at 80.00, break of which to re-focus 80.60, next upside target. Hourly studies are moving into positive territory, while larger timeframes indicators are in the neutral mode, moving within 79.00 and 80.00 range, with break of either side to define direction.

Res: 79.84, 79.98, 80.00, 80.60
Sup: 79.60, 79.50, 79.40, 79.30

USD/CHF
Near-term recovery off last Friday’s low at 0.9461, remains capped at 0.9550 zone, Fib 38.2% of 0.9677/0.9461 decline / 55 day EMA, with sideways mode seen during the overnight session. As short-term studies remain negative and descending 20 day EMA, limits the upside, not much would be seen in the near-term, unless regain of 0.9600 barrier, also Fib 61.8% occurs. Hourly studies are losing traction, with loss of initial 0.9520 and more significant 0.9500 supports, to turn focus lower again and expose 0.9461, possibly 0.9420 base, on a break.

Res: 0.9557, 0.9570, 0.9590, 0.9600
Sup: 0.9522, 0.9500, 0.9482, 0.9461

 

[WindsorBrokers]

Re: Short Term Technical Analysis for Majors (Updated 2xDaily)

EUR/USD
The pair find footstep at strong 1.2580 support, where Fib 38.2% of 1.2406/1.2691 ascend, along with hourly 55 day EMA that started to point higher, contained near-term reversal off 1.2700. Negative near-term structure does not see much of the latest bounce, as long as 1.2666, yesterday’s high, stays intact, with break here and more important 1.2700 barrier, needed to resume rally from 1.2400 base. Larger picture shows the pair’s short-term price action entrenched within 1.2400 and 1.2700 range, with tone aligned towards the upside. However, clearance of 1.2700 hurdle, where daily 20 day MA caps for now, would be a spark for fresh gains and test of key 1.2745 peak.

Res: 1.2613, 1.2642, 1.2666, 1.2679
Sup: 1.2582, 1.2552, 1.2515, 1.2500

GBP/USD
The near-term price action remains congested t 1.5700 zone, as yesterday’s spike higher failed to regain 1.5732/49 barriers. Hourly studies are in a neutral mode, while 4H chart outlook shows more positive tone, however, the downside remains vulnerable as long as price stays under 200 day MA. Break here and 1.5776 is required to open way for fresh extension from 1.5484 higher low. Ascending 20 day EMA on the hourly chart, offers initial support at 1.5690, while risk of fresh weakness would be seen on a break below 1.5650, broken bear-trendline and 1.5640/30, yesterday’s higher platform / Fib 38.2% that would spark stronger reversal. Loss of 1.5600 will bring bears back in play.

Res: 1.5712, 1.5721, 1.5732, 1.5749
Sup: 1.5690, 1.5650, 1.5640, 1.5630

USD/JPY
Regains strength after upside rejection at 80.00 and subsequent reversal finding ground at 79.30 yesterday, where fresh has emerged. Break above broken bull-trendline at 79.70 and regain of yesterday’s lower high at 79.83, sees potential for revisiting key near-term barrier at 80.00, break of which to re-focus 80.60, next upside target. Hourly studies are moving into positive territory, while larger timeframes indicators are in the neutral mode, moving within 79.00 and 80.00 range, with break of either side to define direction.

Res: 79.84, 79.98, 80.00, 80.60
Sup: 79.60, 79.50, 79.40, 79.30

USD/CHF
Near-term recovery off last Friday’s low at 0.9461, remains capped at 0.9550 zone, Fib 38.2% of 0.9677/0.9461 decline / 55 day EMA, with sideways mode seen during the overnight session. As short-term studies remain negative and descending 20 day EMA, limits the upside, not much would be seen in the near-term, unless regain of 0.9600 barrier, also Fib 61.8% occurs. Hourly studies are losing traction, with loss of initial 0.9520 and more significant 0.9500 supports, to turn focus lower again and expose 0.9461, possibly 0.9420 base, on a break.

Res: 0.9557, 0.9570, 0.9590, 0.9600
Sup: 0.9522, 0.9500, 0.9482, 0.9461

 

[WindsorBrokers]

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

EUR/USD
Near-term price action is losing ground again, breaking below 1.2580 platform / Fibonacci support, as brief bounce higher failed to regain 1.2600, bear-trendline connecting 1.3282/1.2745 peaks. The pair tests 1.2562, 55 day EMA, below which to open 1.2548, 50% and strong 1.2520/00 support zone. With hourly studies in the negative territory and 4H chart indicators started to point lower, fresh leg lower, as a part of broader reversal off 1.2690, 29 June peak, would be likely scenario. The upside remains limited at 1.2700 zone, previous high and daily upper Bollinger, with break here required to re-attract 1.2745 double-top.

Res: 1.2575, 1.2600, 1.2613, 1.2642
Sup: 1.2562, 1.2548, 1.2515, 1.2500

GBP/USD
The near-term price action remains congested at 1.5700 zone, as yesterday’s spike higher failed to regain 1.5732/49 barriers. Hourly studies are losing traction, with initial support at 1.5650/40, coming under pressure. However, overall picture still keeps positive tone, but failure to clear 200 day MA at 1.5749 and 20 June peak at 1.5776, may result in fresh weakness that will be confirmed on a break below 1.5600 handle.

Res: 1.5700, 1.5712, 1.5721, 1.5732
Sup: 1.5656, 1.5640, 1.5630, 1.5600

USD/JPY
The pair continues to move higher, as near-term price action holds above bull trendline off 77.65, broken overnight. Test of 79.83, last barrier under 80.00, is underway. Positive hourly studies and break above the midlines of 4H chart indicators, suggests the final push towards important 80.00 level, also ceiling of short-term 79.00/80.00 congestion, is likely. Clear break to expose our next upside target at 80.60. Only loss of strong supports at 79.00/78.90, range floor / 200 day MA, would be a signal of fresh bears.

Res: 80.00, 80.60, 80.68, 81.00
Sup: 79.75, 79.50, 79.40, 79.30

USD/CHF
Attempts to find direction from near-term consolidative sideways movement within narrow 0.9550/20 range, attacking the upper boundary and 55 day EMA at 0.9550/60 zone. Break here and the next barrier at 0.9570, 50% of 0.9677/0.9461 / 29 June intraday high, would be a trigger for possible attempt towards 0.9600 zone, however, weak near-term studies keep fears of fresh weakness towards 0.9500/0.9461, alive.

Res: 0.9570, 0.9590, 0.9600, 0.9642
Sup: 0.9550, 0.9522, 0.9500, 0.9482

 

[WindsorBrokers]

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

EUR/USD
Moves in a narrow range sideways mode during the Asian session, consolidating yesterday’s fresh losses that accelerated on a break below 1.2560 platform and tested strong 1.2520/00 support zone, with 1.2507 low seen so far. Short-term price action remains under pressure, as both 1 and 4 hour chart indicators are in the negative territory, with 20/55 day EMA’s crossover at 1.2560, previous support, along with trendline resistance at 1.2580, seen capping for now. As the breakpoint at 1.2520/00 has already been dented, possibility of further weakness remains high, as clear break here is expected to open strong support at 1.2400 zone for retest. On the upside, regain of minimum 1.2600 is required to delay near-term bears, while lift above 1.2626, 03 Jul high, will provide relief. Busy day ahead, with full calendar and main focus for the Euro on ECB rate decision, with 0.25% cut widely expected.

Res: 1.2543, 1.2560, 1.2580, 1.2600
Sup: 1.2515, 1.2507, 1.2470, 1.2440

GBP/USD
The pair remains under pressure, following yesterday’s sharp news-driven slide through 1.5640, consolidation range floor / broken 1.6300/1.5776 main bear-trendline, to find temporary ground at 1.5573, Fib 61.8% of 1.5484/1.5721 upleg. Brief consolidation on oversold hourly conditions has so far been limited at 1.5600 zones by hourly 20 day EMA, with more negative tone seen on 4H chart. Break below strong support at 1.5573, to spark further weakness and expose figure support at 1.5500, ahead of 1.5484, 28 June low. Upside extension through 1.5640/60, would ease bear pressure. However, not much action is expected until BOE’s rate decision later today, with interest rate expected to stay unchanged, but fresh QE extension by 50 bln Pounds is forecasted.

Res: 1.5610, 1.5640, 1.5656, 1.5680
Sup: 1.5573, 1.5545, 1.5500, 1.5484

USD/JPY
Repeated upside failure to clear important 80.00 barrier, with overnight’s rejection at 80.08, triggering sharp reversal to 79.60, initial support. This signals that the pair remains within the near-term 79.00/80.00 range, with break of either side to define near-term direction. As hourly structure loses momentum, focus turns towards the downside. Loss of 79.60, also bull-trendline, connecting 79.12 and 79.30 lows would risk retest of the lower range boundaries and key short-term supports at 79.00 zone, where range low and 200 day MA lie. Lift above 80.00, however, to turn focus higher and expose 80.60.

Res: 79.90, 80.00, 80.60, 81.00
Sup: 79.60, 79.40, 79.30, 79.12

USD/CHF
Maintains positive near-term tone, as yesterday’s fresh strength through 0.9560 barrier, extended recovery off 0.9461, 29 June low, to crack strong barrier at 0.9600 zone, also Fib 61.8% of 0.9677/0.9461 downleg. Consolidation on overbought hourly conditions is seen preceding fresh leg lower, as 4H chart indicators are breaking higher, maintaining strong bullish momentum. Overnight’s range floor at 0.9580 offers initial support, ahead of more significant 0.9560, previous resistance, while only return to 0.9500 zone would be risky. On the upside, clearance of 0.9600 to open way towards 0.9677, 28 June high.

Res: 0.9600, 0.9642, 0.9677, 0.9700
Sup: 0.9580, 0.9560, 0.9532, 0.9511

 

[WindsorBrokers]

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

EUR/USD
The single currency moved in a quiet, narrow range mode during the overnight session, following yesterday’s sharp decline that bottomed at 1.2363. The pair stays in the red territory, as consolidation holds below 1.2400, previous strong support, awaiting today’s NFP data from US. Oversold near-term conditions do not give any firm signal of correction, with downside being in focus. Yesterday’s loss of 1.2425, trendline support and 1.2400, sees scope for extension towards psychological 1.2300 level and key 1.2287, 01 June low, break of which to pave way towards 1.2150, June 2010 low. Initial barriers at 1.2400/40 stay intact for now and potential violation of these barriers to expose 1.2500/30 zone that should be capping any stronger recovery attempt.

Res: 1.2400, 1.2440, 1.2500, 1.2535
Sup: 1.2363, 1.2335, 1.2300, 1.2287

GBP/USD
Undergoes near-term consolidation after fresh weakness tested psychological support at 1.5500 zone yesterday, approaching lower boundary of past three-week range at 1.5480/70 zone. Muted overnight trading did not show much of the action, as the pair moved within 30 pips range, still holding below broken bull trendline at 1.5544. Hourly RSI is emerging out of oversold territory that may signal some corrective action, however, while strong support zone at 1.5573/1.5622 stays intact, bears will be looking for fresh extension lower, with loss of range floor, to focus 1.5400, round figure support / 08 June low, next.

Res: 1.5553, 1.5573, 1.5600, 1.5610
Sup: 1.5516, 1.5500, 1.5484, 1.5460

USD/JPY
Failed once more on yesterday’s attempt through pivotal 80.00 zone, with subsequent reversal still holding at near-term consolidation band floor and 20 day EMA at 79.80 and keeping positive tone in play. Short-term 79.00/80.00 range remains aligned towards the upside and while trendline support at 79.70 holds, potential is seen for another attempt higher. Break above 80.00, opens 80.60. Loss of 79.70 and range midpoint and yesterday’s low at 79.55, however, would turn near-term focus lower.

Res: 80.00, 80.09, 80.21, 80.60
Sup: 79.80, 79.70, 79.55, 79.40

USD/CHF
Strong one-week rally off 0.9461, 29 June low, broke above short-term congestion to at 0.9677, to test psychological barrier at 0.9700 so far. Consolidation is under way, with overextended hourly studies, starting to point lower and seeing potential for corrective easing, before bulls re-assert for fresh attempt towards key short-term barrier at 0.9769, 01 June peak. Previous barrier at 0.9677 is now reverted to initial support, ahead of Fibonacci supports at 0.9654 and 0.9617, 23.6% / 38.2% respectively, while only break below 0.9600 handle would delay.

Res: 0.9713, 0.9734, 0.9769, 0.9800
Sup: 0.9685, 0.9677, 0.9654, 0.9600

 

[WindsorBrokers]

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

EUR/USD
The pair resumes its short-term downtrend after the market digested US jobs data and fresh risk aversion pushed the price to five-week lows. Brief consolidation following yesterday’s sharp fall was limited under 1.2400 barrier, with negative short-term technical continuing to point lower, despite reaching extreme lows. Break below initial targets at 1.2300/1.2287 would be spark for further weakness towards 1.2150 and psychological 1.2000 support. Any corrective attempts should be capped by strong 1.2400/40 resistance zone, with weekly close below 1.2400 to confirm bearish stance.

Res: 1.2363, 1.2400, 1.2440, 1.2459
Sup: 1.2316, 1.2300, 1.2287, 1.2250

GBP/USD
Near-term price action remains congested at 1.5500 zone, with negative tone dominating on hourly studies as brief bounce higher did not show much of recovery, being limited at 1.5550, broken bull trendline off 1.5267 and under 1.5564, 55 day EMA / 1.5573, strong static resistance. Subsequent reversal under descending hourly 20 day EMA and retest of 1.5500 zone, keeps negative tone in play for possible extension lower and test of 1.5484, 28 June low at 1.5470/61, 3-week range floor / Fib 61.8%, below which to accelerate losses towards 1.5400 zone. Only lift above 1.5600/20 would revive bulls.

Res: 1.5550, 1.5573, 1.5600, 1.5610
Sup: 1.5500, 1.5484, 1.5460, 1.5400

USD/JPY
The price came under pressure again after release of US data, sliding down to 79.50, short-term range midpoint after losing trendline support at 79.73. This keeps the range’s upper boundary and breakpoint at 80.00, out of reach for now and turns near-term focus lower, as hourly studies break into negative territory. Also, 4H chart indicators approach the midlines that increase risk of possible revisit of range floor and downside breakpoint at 79.00 zone, along with 200 day MA. Break here will be bearish.

Res: 79.73, 80.00, 80.09, 80.21
Sup: 79.50, 79.40, 79.30, 79.12

USD/CHF
Continues to trend higher, as the greenback appreciates across the board after rather disappointing US NFP data that sparked risk aversion and move into safe haven. As 0.9700 barrier has been cleared, price approaches key short-term resistance and our target at 0.9769, 01 June peak. Break here to open fresh bull-phase, as a part of broader uptrend off 0.9041, 01 May low and expose Fib 61.8% of long-term 1.1730/0.7067 descend at 0.9950. Today’s close above 0.9700 will be supportive.

Res: 0.9758, 0.9769, 0.9775, 0.9800
Sup: 0.9713, 0.9700, 0.9685, 0.9677

 

[WindsorBrokers]

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

EUR/USD
The latest action of the ECB and growing uncertainty over Eurozone’s debt crisis, keeps the bloc currency under increased pressure. The recent weakness through important supports at 1.2500 and 1.2400, has cracked the two year low at 1.2287, posted on 27 May, opening way for further decline. Overnight’s gap lower opening and price action being capped by 1.2300 barrier and 20 day EMA, keeps the downside in focus, with 1.2200/1.2150 seen next. Any corrective action should regain minimum 1.2360/1.2400, to ease current bear pressure.

Res: 1.2300, 1.2363, 1.2400, 1.2440
Sup: 1.2255, 1.2200, 1.2151, 1.2142

GBP/USD
The pair remains in a downtrend after upside rejection at 1.5700 zone, with break below bull trendline connecting 1.5267 and 1.5484 at 1.5535, extending losses through psychological 1.5500 level, to test Fib 61.8% of 1.5267/1.5776 ascend at 1.5460 so far. Negative short-term technicals keep the downside fully in focus, however, overextended conditions on 4H chart and formation of MACD bearish divergence on the hourly one may be a trigger for corrective bounce. Clearance of initial barrier at 1.5500 is required to open way towards more significant 1.5550/60, violation of which to allow for stronger recovery. Otherwise, upside rejection under here would risk lower top and fresh extension lower, as larger timeframe’s studies maintain firm bearish tone. Break below 1.5460 to open 1.5400.

Res: 1.5500, 1.5550, 1.5560, 1.5600
Sup: 1.5460, 1.5400, 1.5371, 1.5326

USD/JPY
Near-term structure weakened as repeated failure to clear pivotal 80.00 barrier, triggered fresh weakness and moved the price to mid 79.00/80.00 range levels. Negative hourly studies see the downside more vulnerable and risk test of the range floor and 200 day MA at 79.00 zone, as price slide below bull trendline off 78.60. Short-term range trading that lasts for past three-weeks, requires break of either side, to establish fresh direction.

Res: 79.76, 80.00, 80.09, 80.21
Sup: 79.55, 79.40, 79.30, 79.12

USD/CHF
Strong rally off 0.9461, 29 June higher low, continues to post fresh highs, as clearance of the previous peak at 0.9769, 01 June high, extended gains to test our next target at 0.9800 so far, also new yearly high. Bullish short-term studies keep the upside favored, with break above 0.9800 to focus 0.9900, figure resistance and 0.9949, Fib 61.8% of larger 1.1730/0.7067 descend. Overbought conditions on 1 and 4 hour studies, suggest corrective pullback, ahead of fresh push higher, with initial supports at 0.9720/00, while only break below 0.9680/60, would delay bulls.

Res: 0.9800, 0.9850, 0.9900, 0.9949
Sup: 0.9713, 0.9700, 0.9685, 0.9677

 

[WindsorBrokers]

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

EUR/USD
The latest action of the ECB and growing uncertainty over Eurozone’s debt crisis, keeps the bloc currency under increased pressure. The recent weakness through important supports at 1.2500 and 1.2400, has cracked the two year low at 1.2287, posted on 27 May, opening way for further decline. Overnight’s gap lower opening and price action being capped by 1.2300 barrier and 20 day EMA, keeps the downside in focus, with 1.2200/1.2150 seen next. Any corrective action should regain minimum 1.2360/1.2400, to ease current bear pressure.

Res: 1.2300, 1.2363, 1.2400, 1.2440
Sup: 1.2255, 1.2200, 1.2151, 1.2142

GBP/USD
The pair remains in a downtrend after upside rejection at 1.5700 zone, with break below bull trendline connecting 1.5267 and 1.5484 at 1.5535, extending losses through psychological 1.5500 level, to test Fib 61.8% of 1.5267/1.5776 ascend at 1.5460 so far. Negative short-term technicals keep the downside fully in focus, however, overextended conditions on 4H chart and formation of MACD bearish divergence on the hourly one may be a trigger for corrective bounce. Clearance of initial barrier at 1.5500 is required to open way towards more significant 1.5550/60, violation of which to allow for stronger recovery. Otherwise, upside rejection under here would risk lower top and fresh extension lower, as larger timeframe’s studies maintain firm bearish tone. Break below 1.5460 to open 1.5400.

Res: 1.5500, 1.5550, 1.5560, 1.5600
Sup: 1.5460, 1.5400, 1.5371, 1.5326

USD/JPY
Near-term structure weakened as repeated failure to clear pivotal 80.00 barrier, triggered fresh weakness and moved the price to mid 79.00/80.00 range levels. Negative hourly studies see the downside more vulnerable and risk test of the range floor and 200 day MA at 79.00 zone, as price slide below bull trendline off 78.60. Short-term range trading that lasts for past three-weeks, requires break of either side, to establish fresh direction.

Res: 79.76, 80.00, 80.09, 80.21
Sup: 79.55, 79.40, 79.30, 79.12

USD/CHF
Strong rally off 0.9461, 29 June higher low, continues to post fresh highs, as clearance of the previous peak at 0.9769, 01 June high, extended gains to test our next target at 0.9800 so far, also new yearly high. Bullish short-term studies keep the upside favored, with break above 0.9800 to focus 0.9900, figure resistance and 0.9949, Fib 61.8% of larger 1.1730/0.7067 descend. Overbought conditions on 1 and 4 hour studies, suggest corrective pullback, ahead of fresh push higher, with initial supports at 0.9720/00, while only break below 0.9680/60, would delay bulls.

Res: 0.9800, 0.9850, 0.9900, 0.9949
Sup: 0.9713, 0.9700, 0.9685, 0.9677

 

[WindsorBrokers]

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

EUR/USD
Negative sentiment dominates on the near-term outlook, as consolidation off yesterday’s low at 1.2255 remains under 1.2300. Few attempts higher failed to clear this barrier, as gains stalled at 1.2320 zone, keeping more significant resistance zone at 1.2360/1.2400 intact for now. This increases risk of revisiting 1.2255, loss of which would expose 1.2200 and 1.2150, June 2010 low. Only clearance of breakpoint at 1.2400 would avert immediate downside risk.

Res: 1.2300, 1.2320, 1.2363, 1.2400
Sup: 1.2281, 1.2269, 1.2255, 1.2200

GBP/USD
Near-term corrective action from 1.5460, last Friday’s low and Fib 61.8% of 1.5267/1.5776, where the pair found temporary ground, has managed to break above initial barrier at 1.5500, but gains remain limited at 1.5530, descending 20 day EMA / bear-trendline off 1.6300. Hourly structure gained some positive tone, however, to materialize this, regain of 1.5550/60 resistances, 06 July high / Fib 38.2% of 1.5721/1.5460 is required. Otherwise, 1.5460/00 zone will remain under pressure, with possible test of long-term base at 1.5300 area not ruled out.

Res: 1.5533, 1.5550, 1.5560, 1.5600
Sup: 1.5500, 1.5468, 1.5460, 1.5400

USD/JPY
The downside pressure increases, as the pair’s price action losses ground after upside being capped by broken bull trendline off 77.65 and loss yesterday’s low at 79.41, turns focus towards short-term range floor at 79.00, where also 200 day MA lies. Break lower to trigger fresh weakness after the price moved within 79.00/80.00 range during the past three weeks. Immediate resistance lies at 79.76, yesterday’s high, reinforced by 20/55 day EMA’s crossover and ahead of pivotal 80.00 barrier.

Res: 79.52, 79.76, 80.00, 80.21
Sup: 79.30, 79.12, 79.00, 78.94

USD/CHF
The pair consolidates recent strong gains that peaked at 0.9800, moving within 0.9800/0.9750 range, with price moving around 20 day EMA at 0.9760. As hourly studies are losing momentum and 4H chart indicators started to point lower off upside extremes, stronger corrective action is not ruled out. Break below near-term base and yesterday’s low at 0.9750, to open 0.9720/00 zone initially, ahead of breakpoint at 0.9670, loss of which would sideline bulls and allow for stronger correction of 0.9461/0.9800 rally. Clearance of 0.9800, from the other side, will signal an extension of short-term bulls and focus 0.9900.

Res: 0.9776, 0.9785, 0.9800, 0.9850
Sup: 0.9750, 0.9718, 0.9700, 0.9685

 

[WindsorBrokers]

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

EUR/USD
The pair slides to a fresh 2-year low at 1.2235 after corrective move off 1.2255, previous low, stalled on approach to 1.2260 barrier, as 55 day EMA limited gains. Overall picture keeps negative tone, as the pair broke below daily triangle support at 1.2430 and sees test of 1.2200 and 1.2150 downside targets as likely short-term scenario. However, daily MACD bullish divergence, does not rule out stronger corrective action. Key barrier lies at 1.2400 zone and break here is required to improve short-term structure.

Res: 1.2300, 1.2320, 1.2333, 1.2363
Sup: 1.2251, 1.2235, 1.2200, 1.2150

GBP/USD
Maintains near-term positive tone off 1.5460, last Friday’s low, as gains tested initial barrier at 1.5450 so far. Yesterday’s dip to 1.5477, where bull trendline off 1.5460 contained, was followed by quick recovery above 1.5500 mark, keeping the upside in focus for now. However, failure to clear strong 1.5550/60 barrier, would risk further sideways movements. Hourly indicators are in neutral mode, while 4H ones are gaining momentum. Still negative situation on the daily chart requires regain of 20 day MA at 1.5600 to confirm base at 1.5460 zone, otherwise, loss of the latter to risk extension to 1.5400 initially.

Res: 1.5550, 1.5560, 1.5600, 1.5621
Sup: 1.5500, 1.5488, 1.5477, 1.5460

USD/JPY

The pair maintains near-term negative structure after upside rejection at 80.00 and slide through 79.60/40 support, testing levels close to range bottom. Near-term support was found at 79.20, but upside remains protected at 79.50, reinforced by descending 20 day EMA that keeps strong support zone and range floor at 79.00 zone in near-term focus.

Res: 79.50, 79.76, 80.00, 80.21
Sup: 79.20, 79.12, 79.00, 78.94

USD/CHF
Resumes short-term bulls to post marginally fresh high above 0.9800, as two-day corrective/consolidative phase found ground at 0.9740 zone. Toppish 4-hour outlook, however, makes the price struggling to clearly break 0.9800 handle, with hourly indicators started to point lower, as the price slides under 20 day EMA, below 0.9800. Risk would be seen on loss of 0.9740 support that would trigger fresh weakness towards 0.9720/00 and more significant 0.9670 breakpoint. On the upside, sustained break above 0.9800, will signal fresh bulls and expose 0.9900 next.

Res: 0.9800, 0.9813, 0.9850, 0.9900
Sup: 0.9736, 0.9713, 0.9700, 0.9683

 

[WindsorBrokers]

Re: Short Term Technical Analysis for Majors (Updated 2xDaily)

EUR/USD
The pair slides to a fresh 2-year low at 1.2235 after corrective move off 1.2255, previous low, stalled on approach to 1.2260 barrier, as 55 day EMA limited gains. Overall picture keeps negative tone, as the pair broke below daily triangle support at 1.2430 and sees test of 1.2200 and 1.2150 downside targets as likely short-term scenario. However, daily MACD bullish divergence, does not rule out stronger corrective action. Key barrier lies at 1.2400 zone and break here is required to improve short-term structure.

Res: 1.2300, 1.2320, 1.2333, 1.2363
Sup: 1.2251, 1.2235, 1.2200, 1.2150

GBP/USD
Maintains near-term positive tone off 1.5460, last Friday’s low, as gains tested initial barrier at 1.5450 so far. Yesterday’s dip to 1.5477, where bull trendline off 1.5460 contained, was followed by quick recovery above 1.5500 mark, keeping the upside in focus for now. However, failure to clear strong 1.5550/60 barrier, would risk further sideways movements. Hourly indicators are in neutral mode, while 4H ones are gaining momentum. Still negative situation on the daily chart requires regain of 20 day MA at 1.5600 to confirm base at 1.5460 zone, otherwise, loss of the latter to risk extension to 1.5400 initially.

Res: 1.5550, 1.5560, 1.5600, 1.5621
Sup: 1.5500, 1.5488, 1.5477, 1.5460

USD/JPY

The pair maintains near-term negative structure after upside rejection at 80.00 and slide through 79.60/40 support, testing levels close to range bottom. Near-term support was found at 79.20, but upside remains protected at 79.50, reinforced by descending 20 day EMA that keeps strong support zone and range floor at 79.00 zone in near-term focus.

Res: 79.50, 79.76, 80.00, 80.21
Sup: 79.20, 79.12, 79.00, 78.94

USD/CHF
Resumes short-term bulls to post marginally fresh high above 0.9800, as two-day corrective/consolidative phase found ground at 0.9740 zone. Toppish 4-hour outlook, however, makes the price struggling to clearly break 0.9800 handle, with hourly indicators started to point lower, as the price slides under 20 day EMA, below 0.9800. Risk would be seen on loss of 0.9740 support that would trigger fresh weakness towards 0.9720/00 and more significant 0.9670 breakpoint. On the upside, sustained break above 0.9800, will signal fresh bulls and expose 0.9900 next.

Res: 0.9800, 0.9813, 0.9850, 0.9900
Sup: 0.9736, 0.9713, 0.9700, 0.9683

 

[WindsorBrokers]

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

EUR/USD
Euro’s near-term structure remains aligned lower, as recovery attempt from today’s fresh low at 1.2235, stays capped under 1.2300 handle, with 55 day EMA limiting gains for now. Improving hourly studies still lack strength for stronger push higher, with regain 1.2300/40 zone required to signal near-term basing. More negative tone, seen on larger timeframes, however, sees the downside favored, as long as price action holds below 1.2400 and short-term focus at 1.2200/1.2150.

Res: 1.2300, 1.2320, 1.2333, 1.2363
Sup: 1.2251, 1.2235, 1.2200, 1.2150

GBP/USD
Break above strong barriers at 1.5550/60 zone, brings more optimism in the near-term structure, as recovery off 1.5640 approached another key hurdles and breakpoint at 1.5600/20 zone. Break here is required to resume near-term bulls and avert risk of slide towards 1.5460 and 1.5400 supports. Hourly studies remain supportive, with immediate supports at 1.5550/30, while only break below 1.5500 will bring bears back in play.

Res: 1.5580, 1.5591, 1.5600, 1.5621
Sup: 1.5550, 1.5530, 1.5500, 1.5477

USD/JPY
Near-term price action made strong bounce to the range mid - points, after testing lower boundaries of short-term range and preventing the pair breaking below the range floor and 200 day MA at 79.00 zone. However, near-term studies remain in the negative territory, despite starting to point higher, still see risk of revisiting lower levels, as long as price holds below 79.60/70 barriers, break of which to turn focus higher and expose 80.00 range top and breakpoint

Res: 79.50, 79.76, 80.00, 80.21
Sup: 79.30, 79.20, 79.12, 79.00

AUD/USD
The pair maintains overall bullish tone, after pullback off 1.0326, 05 July high, found support at 1.0150, 50% retracement of 0.9968/1.0326 / bull trendline off 0.9579 and subsequent bounce attempting at 200 day MA at 1.0269. Overextended hourly constitutions, however, prevented immediate break of this important barrier, with corrective easing expected to ideally find footstep at 1.0250/30 zone, before resuming higher. Lift above 1.0269 is required to confirm improving 4H chart studies and expose pivotal 1.0300/26 zone, break of which will signal resumption of 1 ½ half month uptrend from 0.9579, 01 June low and expose psychological 1.0400, ahead of more significant 1.0450/73, Apr highs. On the downside, reversal under 1.0200 that coincides with Fib 61.8% of 0.9579/1.0326 would sideline bulls for possible revisit of 1.0150 higher base.

Res : 1.0269, 1.0280, 1.0300, 1.0326
Sup : 1.0250, 1.0230, 1.0200, 1.0180

USD/CAD
Bounce off 1.0100, 05 July low, where 200 day MA contained short-term descend off 1.0444, 04 June high, has been capped at 1.0230, daily Ichimoku cloud top / 50% of 1.0361/1.0100. Near-term price action remains congested within 1.0230/1.0164 range, with hourly studies still in red territory. Break above 1.0230 breakpoint is needed to resume near-term bulls off 1.0100 and open Fibonacci resistance at 1.0261 (61.8%), possibly psychological 1.0300 barrier on a break. However, larger picture’s negative tone, with daily indicators below their midlines, sees risk of retest of 200 day MA that started to point lower, as long as 1.0300 and 1.0313, bear-trendline connecting 1.0444/1.0361 peaks, stays intact.

Res: 1.0200, 1.0230, 1.0261, 1.0300
Sup: 1.0171, 1.0164, 1.0138, 1.0120

 

[WindsorBrokers]

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

EUR/USD
Negative sentiment continues to drive the bloc currency lower, with succession of fresh lows posted on a daily basis. The price approaches our initial target at 1.2200, ahead of 1.2150, June 2010 low, loss of which to possibly open way towards psychological 1.2000 level in a short-term. Negative near-term studies keep the downside pressure, with descending 55 day EMA, currently at 1.2265, maintaining the downtrend. Any corrective action will face very strong barriers at 1.2300/35 and only break here will ease bear-pressure.

Res: 1.2245, 1.2265, 1.2300, 1.2333
Sup: 1.2200, 1.2150, 1.2115, 1.2100

GBP/USD
The near-term structure turns negative after yesterdays’s upside rejection at 1.5576 and sharp slide that took out 1.5500 and cracked more significant 1.5460/50, short-term base. Clear break here to open 1.5400, however, overextended hourly conditions suggest corrective bounce preceding fresh weakness. Initial barriers lie at 1.5500/15, with improvement of the larger-picture negative outlook, requiring regain of yesterday’s high at 1.5576.

Res: 1.5480, 1.5500, 1.5515, 1.5550
Sup: 1.5447, 1.5400, 1.5320, 1.5300

USD/JPY
The pair erases its strong gains after yesterday’s rally from 79.12 tested 79.80 barrier and accelerated gains on BOJ’s overnight release, spiking at 79.94, before sharp slide to the lower levels of 79.00/80.00 range. As 80.00 offers very strong barrier, near-term focus turns lower again. Violation of 79..12/00 support would signal fresh bear-phase and expose 78.60 next.

Res: 79.50, 79.78, 80.00, 80.21
Sup: 79.20, 79.12, 79.00, 78.80

AUD/USD
The Aussie’s latest rally off 1.1050 higher base, failed to clear 200 day MA at 1.0270, with weak jobs data from Australia, released overnight, accelerating losses. Fresh weakness under 1.0225/00 support zone, dented key near-term support 1.0150, also 50% of 0.9968/1.0326, dipping to 1.0135 so far, ahead of Fib 61.8% and figure support at 1.0100. Corrective bounce on oversold conditions, signalled on hourly chart, faces barriers at 1.0180/1.0200, while only regain of 1.0240 would turn near-term focus higher and re-focus 200 day MA at 1.0270.

Res : 1.0177, 1.0200, 1.0225, 1.0243
Sup : 1.0135, 1.0125, 1.0100, 1.0076

 

[WindsorBrokers]

Re: Short Term Technical Analysis for Majors (Updated 2xDaily)

EUR/USD
Negative sentiment continues to drive the bloc currency lower, with succession of fresh lows posted on a daily basis. The price approaches our initial target at 1.2200, ahead of 1.2150, June 2010 low, loss of which to possibly open way towards psychological 1.2000 level in a short-term. Negative near-term studies keep the downside pressure, with descending 55 day EMA, currently at 1.2265, maintaining the downtrend. Any corrective action will face very strong barriers at 1.2300/35 and only break here will ease bear-pressure.

Res: 1.2245, 1.2265, 1.2300, 1.2333
Sup: 1.2200, 1.2150, 1.2115, 1.2100

GBP/USD
The near-term structure turns negative after yesterdays’s upside rejection at 1.5576 and sharp slide that took out 1.5500 and cracked more significant 1.5460/50, short-term base. Clear break here to open 1.5400, however, overextended hourly conditions suggest corrective bounce preceding fresh weakness. Initial barriers lie at 1.5500/15, with improvement of the larger-picture negative outlook, requiring regain of yesterday’s high at 1.5576.

Res: 1.5480, 1.5500, 1.5515, 1.5550
Sup: 1.5447, 1.5400, 1.5320, 1.5300

USD/JPY
The pair erases its strong gains after yesterday’s rally from 79.12 tested 79.80 barrier and accelerated gains on BOJ’s overnight release, spiking at 79.94, before sharp slide to the lower levels of 79.00/80.00 range. As 80.00 offers very strong barrier, near-term focus turns lower again. Violation of 79..12/00 support would signal fresh bear-phase and expose 78.60 next.

Res: 79.50, 79.78, 80.00, 80.21
Sup: 79.20, 79.12, 79.00, 78.80

AUD/USD
The Aussie’s latest rally off 1.1050 higher base, failed to clear 200 day MA at 1.0270, with weak jobs data from Australia, released overnight, accelerating losses. Fresh weakness under 1.0225/00 support zone, dented key near-term support 1.0150, also 50% of 0.9968/1.0326, dipping to 1.0135 so far, ahead of Fib 61.8% and figure support at 1.0100. Corrective bounce on oversold conditions, signalled on hourly chart, faces barriers at 1.0180/1.0200, while only regain of 1.0240 would turn near-term focus higher and re-focus 200 day MA at 1.0270.

Res : 1.0177, 1.0200, 1.0225, 1.0243
Sup : 1.0135, 1.0125, 1.0100, 1.0076

 

[WindsorBrokers]

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

EUR/USD
The pair breaks under 1.2200, as risk aversion gains pace, posting fresh longer-term lows, last time traded in June 2010. The price approaches next supports at 1.2150, June 2010 low and 50% retracement of long-term 2000/2008; 0.8225/1.6039 ascend at 1.2130, with psychological 1.2000 support seen as next target. Upside remains well protected at 1.2250/1.2300, while only lift above 1.2350 would delay bears.

Res: 1.2200, 1.2211, 1.2235, 1.2250
Sup: 1.2165, 1.2150, 1.2130, 1.2100

GBP/USD
Cable loses ground after strong reversal off yesterday’s 1.5576 high broke below very strong 1.5460/50, one-month base that opens way towards 1.5400, with 1.5430 zone being tested so far. Weak short-term studies keep the downside vulnerable, as loss of 1.5400 is expected to open strong supports at 1.5338, long-term bull trendline off 1.3501, 2009 low and 1.5300, 2010/2012 range floor. Previous supports at 1.5460/1.5500, now revert to initial resistances, ahead of more significant 1.5550/78 zone, regain of which would improve short-term outlook.

Res: 1.5460, 1.5484, 1.5500, 1.5515
Sup: 1.5432, 1.5400, 1.5338, 1.5300

USD/JPY
Remains at the back foot after another upside rejection at 80.00, with near-term price action remaining within the range. Near-term studies, however, remain aligned lower, with immediate risk seen on slide towards range base / 200 day MA at 79.00, loss of which to spark fresh weakness and expose 78.60/00 next.

Res: 79.38, 79.50, 79.78, 80.00
Sup: 79.20, 79.12, 79.00, 78.80

USD/CHF
Continues to trend higher after break above brief consolidation ceiling at 0.9800, with 0.9868 high seen so far, en-route to our upside targets, figure barrier at 0.9900 and Fib 61.8% of longer-term 1.1730/0.7067 descend at 0.9949. Overextended near-term studies and MACD bearish divergence on 4h chart, however, see risk of pullback. Previous high at 0.9800, now offers initial support, while potential deeper correction should ideally reverse at/above 0.9760/40 support zone, to keep short-term bulls intact.

Res: 0.9898, 0.9900, 0.9949, 1.0000
Sup: 0.9830, 0.9813, 0.9800, 0.9765

 

[WindsorBrokers]

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

EUR/USD
The overall picture remains negative, as the pair continues to post fresh longer-term lows, with the latest one seen yesterday at 1.2165. Subsequent corrective/consolidative action did not show much of recovery, as 1.2200 handle stayed relatively intact, with fresh weakness emerging on European opening. Downside remains in focus, with immediate target at 1.2150, loss of which to pave way towards strong 1.2000 zone. Any bounce above 1.2287/1.2300 would provide temporary relief, however, significant improvement requires regain of 1.2400 breakpoint. Weekly close below 1.2200 will confirm bearish stance.

Res: 1.2200, 1.2215, 1.2235, 1.2250
Sup: 1.2180, 1.2165, 1.2150, 1.2130

GBP/USD
Yesterday’s fresh weakness tested our target and strong support at 1.5400 zone, where temporary support was found, with brief bounce followed. Any recovery under previous strong support at 1.5460 zone, would be seen as corrective and preceding fresh weakness, as near-term indicators remain in red territory. Risk is seen on loss of 1.5400 handle that would expose very strong longer-term range base at 1.5300. Only lift above 1.5460 and 1.5500 to ease bear pressure and allow for stronger recovery for possible retest of key short-term barriers and breakpoint at 1.5600 zone.

Res: 1.5444, 1.5460, 1.5484, 1.5500
Sup: 1.5415, 1.5392, 1.5338, 1.5300

USD/JPY
Remains at the back foot after another upside rejection at 80.00, with near-term price action remaining within the range. Near-term studies, however, remain aligned lower, with immediate risk seen on slide towards range base / 200 day MA at 79.00, loss of which to spark fresh weakness and expose 78.60/00 next.

Res: 79.38, 79.50, 79.78, 80.00
Sup: 79.20, 79.12, 79.00, 78.80

USD/CHF
Continues to trend higher after break above brief consolidation ceiling at 0.9800, with 0.9868 high seen so far, en-route to our upside targets, figure barrier at 0.9900 and Fib 61.8% of longer-term 1.1730/0.7067 descend at 0.9949. Corrective/consolidative phase is underway, with shallow dips being contained at 0.9830 so far, above more significant figure support at 0.9800. However, overextended short-term studies and MACD bearish divergence shown on 4h chart, do not rule out stronger reversal. Risk would be seen on break below 0.9770 zone, previous high and 0.9736, 10 July high low, that may be a trigger for further retracement.

Res: 0.9868, 0.9898, 0.9900, 0.9949
Sup: 0.9830, 0.9813, 0.9800, 0.9765

 

[WindsorBrokers]

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

EUR/USD
The hourly studies are running out of steam, following last Friday’s strong rally, as risk returned to play. Positive sentiment is fading after weekly gap higher opening, with gap being filled and price testing initial support and higher platform at 1.2225, also 55 day EMA. With hourly indicators started to point lower, limited upside action could be expected, as bears would gain pace on loss of 1.2225/00 supports that will re-expose near-term double bottom at 1.2170 zone. Larger picture’s outlook, however, maintains negative tone, as indicators still hold in red territory, despite some movements higher, still unable to improve the structure. Regain of 1.2290/1.2300, 07 July high / Fib 23.6% of 1.2691/1.2161 descend and 1.2330, 10 July high / 55 day EMA, required to confirm near-term double-bottom and allow for stronger recovery. Otherwise, resumption of broader downtrend through 1.2150, would be looking for test of 1.2000 zone in the short-term.

Res: 1.2243, 1.2254, 1.2270, 1.2300
Sup: 1.2225, 1.2200, 1.2161, 1.2150

GBP/USD
The pair’s strong bounce off 1.5400 base, where near-term support was found, prevented the price form further slide, as rally tested key barrier at 1.5600, also Fib 61.8% of 1.5721/1.5392 downleg. Overextended conditions on hourly chart now see risk of corrective pullback, with indicators pointing lower and initial support at 1.5576 being cracked. Ideally, support should be found above psychological 1.5500, also close to Fib 38.2% of 1.5392/1.5592 upleg and ascending 55 day EMA, as studies on 4H chart broke above the midlines and see potential for further recovery. Break above 1.5600 is required to confirm. On the downside, potential loss of 1.5500 handle would risk return to 1.5460 and 1.5400.

Res: 1.5576, 1.5600, 1.5650, 1.5700
Sup: 1.5545, 1.5515, 1.5500, 1.5460

USD/JPY
The near-term structure remains negative, as the price dents the lower boundary of short-term range, also 200 day MA at 79.00. Steady descend, following the latest upside rejection at 80.00 and indicators in the negative territory on lower and larger timeframes, see risk of clear break below the range, to establish fresh near-term direction and expose initial supports at 78.60 and 78.00. Descending 20 day EMA at 79.28, maintains near-term downtrend, while only break above 79.50, range’s midpoint and 55 day EMA, would delay bears.

Res: 79.12, 79.28, 79.38, 79.50
Sup: 78.95, 78.80, 78.60, 78.00

USD/CHF
Overall bulls remain in play, as the pair undergoes corrective action, on overbought 4h chart conditions. Initial support at 0.9800 zone, so far contains dips, however, descending indicators on 4h chart do not rule out further correction, with reversal ideally seen at /above 0.9740 higher platform and ascending 55 day EMA. Daily structure remains bullish, with break above the latest peak at 0.9871 to open 0.9900 and 0.9950, Fib 61.8% of larger 1.1730/0.7067 descend.

Res: 0.9850, 0.9868, 0.9871, 0.9900
Sup: 0.9807, 0.9784, 0.9765, 0.9736

 

[WindsorBrokers]

Re: Short Term Technical Analysis for Majors (Updated 2xDaily)

EUR/USD
The hourly studies are running out of steam, following last Friday’s strong rally, as risk returned to play. Positive sentiment is fading after weekly gap higher opening, with gap being filled and price testing initial support and higher platform at 1.2225, also 55 day EMA. With hourly indicators started to point lower, limited upside action could be expected, as bears would gain pace on loss of 1.2225/00 supports that will re-expose near-term double bottom at 1.2170 zone. Larger picture’s outlook, however, maintains negative tone, as indicators still hold in red territory, despite some movements higher, still unable to improve the structure. Regain of 1.2290/1.2300, 07 July high / Fib 23.6% of 1.2691/1.2161 descend and 1.2330, 10 July high / 55 day EMA, required to confirm near-term double-bottom and allow for stronger recovery. Otherwise, resumption of broader downtrend through 1.2150, would be looking for test of 1.2000 zone in the short-term.

Res: 1.2243, 1.2254, 1.2270, 1.2300
Sup: 1.2225, 1.2200, 1.2161, 1.2150

GBP/USD
The pair’s strong bounce off 1.5400 base, where near-term support was found, prevented the price form further slide, as rally tested key barrier at 1.5600, also Fib 61.8% of 1.5721/1.5392 downleg. Overextended conditions on hourly chart now see risk of corrective pullback, with indicators pointing lower and initial support at 1.5576 being cracked. Ideally, support should be found above psychological 1.5500, also close to Fib 38.2% of 1.5392/1.5592 upleg and ascending 55 day EMA, as studies on 4H chart broke above the midlines and see potential for further recovery. Break above 1.5600 is required to confirm. On the downside, potential loss of 1.5500 handle would risk return to 1.5460 and 1.5400.

Res: 1.5576, 1.5600, 1.5650, 1.5700
Sup: 1.5545, 1.5515, 1.5500, 1.5460

USD/JPY
The near-term structure remains negative, as the price dents the lower boundary of short-term range, also 200 day MA at 79.00. Steady descend, following the latest upside rejection at 80.00 and indicators in the negative territory on lower and larger timeframes, see risk of clear break below the range, to establish fresh near-term direction and expose initial supports at 78.60 and 78.00. Descending 20 day EMA at 79.28, maintains near-term downtrend, while only break above 79.50, range’s midpoint and 55 day EMA, would delay bears.

Res: 79.12, 79.28, 79.38, 79.50
Sup: 78.95, 78.80, 78.60, 78.00

USD/CHF
Overall bulls remain in play, as the pair undergoes corrective action, on overbought 4h chart conditions. Initial support at 0.9800 zone, so far contains dips, however, descending indicators on 4h chart do not rule out further correction, with reversal ideally seen at /above 0.9740 higher platform and ascending 55 day EMA. Daily structure remains bullish, with break above the latest peak at 0.9871 to open 0.9900 and 0.9950, Fib 61.8% of larger 1.1730/0.7067 descend.

Res: 0.9850, 0.9868, 0.9871, 0.9900
Sup: 0.9807, 0.9784, 0.9765, 0.9736

 

[WindsorBrokers]

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

EUR/USD
The risk on mode, established last Friday, continues to drive the bloc currency higher, on a bounce from 1.2160 zone double bottom. As important 1.2300 barrier has been cracked, though the price unable to hold gains due to overbought hourly conditions, corrective pullback is expected to precede fresh push higher. Initial support at 1.2270/60 zone, should ideally contain reversal, however, further easing towards 1.2240 area, 50% / 55 day EMA, is not ruled out. Indicators on 4h chart are attempting above the midlines and keep the upside in focus, but break above 1.2300 barrier, also 55 day EMA that turns sideways, is required to confirm and open way towards 1.2335, 10 July high and 1.2366, 05 July low / Fib 38.2% of 1.2691/1.2161 descend, to confirm near-term double bottom and trigger stronger recovery. The pair awaits ZEW releases from EU and Germany that are due later today and Bernanke’s testimony, key event of the day.

Res: 1.2300, 1.2311, 1.2335, 1.2366
Sup: 1.2270, 1.2260, 1.2243, 1.2226

GBP/USD
Extends its three-day strong rally off 1.5400 base, as clearance of important 1.5600 barrier accelerated gains through 1.5630, Fib 61.8% of 1.5776/1.5392 downleg, to briefly break above bear-trendline at 1.5655 and hit 1.5677 so far. Hourly studies are toppish, with RSI emerging of overbought zone, as the price moves lower on corrective pullback. Dips should not exceed 1.5600 handle, where yesterday’s intraday high, Fib 38.2% of 1.5521/1.5677 upleg and 55 day EMA lie, for fresh push higher and test of another significant hurdles at 1.5700/21.

Res: 1.5677, 1.5700, 1.5721, 1.5776
Sup: 1.5620, 1.5600, 1.5592, 1.5576

USD/JPY
The pair’s clear break below key 79.00 support zone, confirms negative short-term structure, as initial support at 78.80 has been taken out and losses approached the next significant level at 78.60. Bounce higher is seen corrective, as initial barrier at 79.00, previous support, reinforced by descending 55 day EMA, caps for now. Hourly studies, despite some movements higher, hold in the negative territory, with more negative tone seen on 4h chart. Downside extension through 78.60 would open way towards 78.00 initially, with test of key short-term support at 77.65, seen on a break. Only regain of 79.30/50 zone, would put bears on hold.

Res: 79.00, 79.12, 79.28, 79.38
Sup: 78.80, 78.67, 78.60, 78.00

USD/CHF
The pair remains in a near-term negative mode, extending reversal off 0.9871, 13 July high and approaching important support at 0.9740. Dips were contained at 0.9755, 55 day EMA, as the price undergoes the fourth, corrective wave that should ideally been capped under 0.9800, with the fifth-one expected to stretch towards 0.9700 zone, Fib 38.2% of 0.9461/0.9871 upleg, before bulls reassert. Larger picture’s uptrend, however, remains intact and keeps focus at the upside.

Res: 0.9785, 0.9800, 0.9832, 0.9862
Sup: 0.9765, 0.9736, 0.9714, 0.9700