Short Term Technical Analysis for Majors (08:30 GMT

EUR/USD

Corrective reversal of yesterday’s 1.3026 high has so far tested 1.2835, 38.2 % retracement of 1.2522/1.3026 ascend, ahead of bounce. A higher low is required to resume rally, and above 1.3026 to target 1.3073, 61.8% of 1.3816/1.1875 decline first, then 1.3123, 38.2% of 1.5411/1.1875 fall. 1.2835 now offers initial support, with possible extension towards 1.2802/1.2776, though, loss of the latter to sideline immediate bulls.

Res: 1.2924, 1.2966, 1.3026, 1.3073
Sup: 1.2869, 1.2835, 1.2802, 1.2776

http://mediaserver.fxstreet.com/Repo...0721083556.gif


GBP/USD

Maintains negative near-term structure, off 1.5470, 15 July high, as recovery attempt off 1.5267 failed at 1.5350, extending losses to 1.5152, just above 1.5148, 61.8% retracement of 1.4947/1.5470 ascend. Correction higher has followed, reaching 1.5335, over 50% of 1.5470/1.5152 decline, with higher low sought below 1.5350, 61.8%, before fresh weakness to target 1.5152. Above 1.5350 would attract 1.5470 instead.

Res: 1.5350, 1.5396, 1.5445, 1.5470
Sup: 1.5179, 1.5152, 1.5085, 1.5067

http://mediaserver.fxstreet.com/Repo...0721083531.gif


USD/JPY

Succession of higher lows off 86.25, 16 July low, sees an attempt to extend recovery, with break above 87.58 now required. However, the latest sharp reversal now threats recovery and possible break below 86.62 to re-focus 86.25, break of which will expose 85.85/84.80.

Res: 87.58, 87.84, 88.00, 88.26
Sup: 86.62, 86.47, 86.25, 86.15

http://mediaserver.fxstreet.com/Repo...0721083507.gif



USD/CHF

Minor ranging takes hold above 1.0445, 19 July higher low, setting state for next push through 1.0560, towards 1.0617 and key barriers at 1.0675/95. A reversal below 1.0445, however, resumes near-term decline and opens 1.0366 first, then 1.0344/00.

Res: 1.0560, 1.0583, 1.0617, 1.0645
Sup: 1.0451, 1.0445, 1.0421, 1.0399

http://mediaserver.fxstreet.com/Repo...0721083430.gif