Short Term Technical Analysis for Majors (06:45 GMT)

EUR/USD

Comes under renewed pressure after yesterday’s gains failed to regain 1.3900 barrier, stalling at 1.3868. Subsequent slide dented 1.3700 support, with formation of head and shoulders pattern on four- hour chart, keeping the downside vulnerable. This increases risk of losing key near-term support at 1.3650, previous lows and neckline, to put short-term bulls aside and open fresh leg lower and expose next significant level at 1.3565, 11 Oct low, also daily 20 day MA. Immediate resistances lie at 1.3730/82, while clearance of 1.3800 to provide relief. Hourly studies are in the negative territory, while daily outlook is losing momentum, as 55 day MA capped the recent gains. Break below 1.3565 would further weaken the structure and signal possible end of corrective phase from 1.3145.

Res: 1.3730, 1.3782, 1.3800, 1.3868
Sup: 1.3685, 1.3650, 1.3600, 1.3565

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GBP/USD

Remains congested under 1.5851, 14 Sep fresh month high, as shown on four-hour chart, after renewed attempt higher lost traction just few ticks under 1.5851, before sliding back to 1.5700 support zone. Hourly studies turn negative, but oversold conditions may delay attack at key near-term support at 1.5630, 18 Oct low / Fib 38.2% of 1.5271/1.5851 and near-term range floor, below which to sideline short-term bulls from 1.5271 in favor of deeper reversal and possible attack at 1.5560/41, Fib 50% and 12 Oct low. Hourly 20 day MA, currently at 1.5770, maintains near-term bears, with static resistances at 1.5750/83. Only break above 1.5800 would ease near-term bear-pressure.

Res: 1.5750, 1.5783, 1.5800, 1.5851
Sup: 1.5685, 1.5665, 1.5630, 1.5600

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USD/JPY

Resumes the near-term narrow range directionless trading, as the pair stays within 76.60/85 span. Flat hourly and daily studies suggest the near-term price action to continue in this manner. Immediate supports lie at 76.50/30, ahead of key downside levels at 76.10/75.93. On the upside 76.85/90 and 77.00 are initial barriers, ahead of main bear-trendline at 77.25 and previous highs at 77.40/50 zone. Break of either extreme points would signal fresh direction.

Res: 76.85, 76.90, 77.00, 77.25
Sup: 76.65, 76.50, 76.30, 76.10

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USD/CHF

The pair has regained strength after initial gains were capped at 0.9046, with subsequent reversal contained above 0.8944/20 support zone. Fresh gains through 0.9046, yesterday’s high, are en-route to initial barrier at 0.9100, Fib 50% of 0.9313/0.8880 descend and strong resistance zone at 0.9120/45, 11 Oct high / Fib 61.8%, clearance of which is required to signal an end of corrective phase and re-focus 0.9200 and 0.9300 levels. Hourly studies above their centerlines support the rally, however, overbought conditions warn of corrective pullback. Immediate supports lie at 0.9046/38, ahead of 0.9020/00. Only loss of the latter would soften the near-term tone.

Res: 0.9081, 0.9100, 0.9120, 0.9145
Sup: 0.9046, 0.9038, 0.9020, 0.9000

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