Short Term Technical Analysis for Majors (06:30 GMT)

EUR/USD

Near-term price action enters corrective phase after yesterday’s rallies hit fresh six-week high at 1.3955, where gains were capped. Overall positive tone from 1.3145, 04 Oct low, remains intact while main near-term support at 1.3820 holds. Break above daily 55 day MA and previous high at 1.3935 keeps focus at the upside, with clearance of 1.3955 to open Fibonacci level at 1.4000. Only loss of 1.3820 would delay immediate bulls and allow for stronger correction. Main bull trendline off 1.3145 lies at 1.3765 and key short-term support at 1.3655, 18/20 Oct lows, also Fib 38.2% of 1.3145/1.3955 ascend.

Res: 1.3900, 1.3923, 1.3955, 1.4000
Sup: 1.3868, 1.3820, 1.3800, 1.3750

http://mediaserver.fxstreet.com/Repo...1025063145.gif


GBP/USD

Remains steady, just under fresh six-week high at 1.6006, posted yesterday. Near-term studies in positive territory support, however, overextended 4-hour conditions warn of correction. Yesterday’s low at 1.5900 offers initial support, ahead of 1.5850 zone, previous highs / main bull trendline. On the upside, daily 90 day MA at 1.6015, comes next, ahead of 1.6100, Fib 61.8% of 1.6617/1.5271 descend and 200 day MA at 1.6136.

Res: 1.6006, 1.6015, 1.6043, 1.6082
Sup: 1.5966, 1.5900, 1.5850, 1.5800

http://mediaserver.fxstreet.com/Repo...1025063124.gif


USD/JPY

Trades in a narrow range, hovering around 76.00, after recovery from 75.80, last Friday’s fresh record low was capped at 76.50, previous range floor. Near-term outlook keeps the downside favored, as hourly / 4-hour studies hold below the midlines. Break below 75.80 to risk fresh phase lower and expose 75.00. Upside is seen limited at 76.50 initially, while only break above 77.00, previous range ceiling / main bear-trendline, would provide near-term relief.

Res: 76.22, 76.47, 76.55, 76.65
Sup: 76.00, 75.80, 75.50, 75.00

http://mediaserver.fxstreet.com/Repo...1025063105.gif



USD/CHF

Maintains negative short-term tone after slide from 1.3913, 06 Oct high, completed head and shoulders pattern, seen on 4-hour chart, extending losses to probe levels under 0.8800 handle, also Fib 23.6% of 0.7067/1.3913 ascend. Near-term price action is seen capped at 0.8880, yesterday’s high / 17 Oct low / 20 day MA, with focus at 200 day MA, currently at 0.8750, below which to further weaken the structure and open 0.8700/0.8646.

Res: 0.8829, 0.8880, 0.8900, 0.8950
Sup: 0.8800, 0.8788, 0.8750, 0.8700

http://mediaserver.fxstreet.com/Repo...1025063041.gif