Short Term Technical Analysis for Majors (08:10 GMT)

EUR/USD

Extends reversal off 1.2721, after today’s break below yesterday’s 1.2549 low, en-route to 1.2503, 38.2% of 1.2150/1.2721 upleg, and key 1.2479, 06 July low. Break below the latter would signal fresh weakness to target 1.2432/1.2369, 01 July low/61.8% retracement. Above, lower ceiling at 1.2648 caps for now and only break here to re-focus 1.2721/38.

Res: 1.2613, 1.2648, 1.2682, 1.2721
Sup: 1.2522, 1.2503, 1.2479, 1.2432

http://mediaserver.fxstreet.com/Repo...0713081143.gif


GBP/USD

Upside rejection at 1.5239 on 08 July has seen reversal to 1.4947 yesterday. This is still seen as a correction of a short-term rally from 1.4230, and while 1.4871/54 support zone holds, scope is seen for fresh push higher and possible retest of 1.5239. Below 1.4854, however, to allow stronger pullback.

Res: 1.5100, 1.5126, 1.5204, 1.5239
Sup: 1.4947, 1.4934, 1.4871, 1.4854

http://mediaserver.fxstreet.com/Repo...0713081123.gif


USD/JPY

Recovery phase off 86.96/87.01 base approached 89.19/21, trendline resistance / 38.2% retracement of 92.87/86.96 decline, ahead of pullback. The first support at 88.56 has been tripped and further weakness focuses 88.25, break of which would suggest a lower top in place, and possible return to 86.96. Holding above 88.25, however, would keep immediate bulls in play for retest of 89.21/50.

Res: 88.85, 89.06, 89.21, 89.50
Sup: 88.25, 87.99, 87.62, 87.34

http://mediaserver.fxstreet.com/Repo...0713081103.gif


USD/CHF

Has extended recent bear phase to reach 1.0480 so far, just above key 1.0433, 01 Apr low. Recent consolidation could suggest a basing and above 1.0600 now looks for test of 1.0695, with 1.0675 seen so far. Downside, 1.0582 higher low supports for now, while loss of 1.0550/26 would risk return to 1.0480.

Res: 1.0675, 1.0695, 1.0749, 1.0765
Sup: 1.0582, 1.0550, 1.0540, 1.0526

http://mediaserver.fxstreet.com/Repo...0713081033.gif