Short Term Technical Analysis for Majors (08:15 GMT)
EUR/USD
Maintains positive tone off 1.2731, 21 July higher low, as the dip from 1.2965, last Friday’s low, found support at 1.2792, just above trendline drawn off 1.2522. Break above 1.2965 is now required to confirm the uptrend and open 1.3026 next. Above here to focus 1.3125, 38.2% of 1.5144/1.1875. Only loss of 1.3731 higher platform to weaken the structure and turn focus towards 1.2522.
Res: 1.2965, 1.2989, 1.3026, 1.3073
Sup: 1.2859, 1.2834, 1.2807, 1.2776
http://mediaserver.fxstreet.com/Repo...0726081957.gif
GBP/USD
Continues to trend higher, following bounce off 1.5123, last week’s higher low and today’s lift above 1.5470, 15 July previous high. Market now focuses 1.5526, 15 Apr high and 1.5575, 23 Feb high, while 1.5345, last Friday’s intraday low, underpins the advance.
Res: 1.5526, 1.5575, 1.5635, 1.5665
Sup: 1.5375, 1.5345, 1.5335, 1.5297
http://mediaserver.fxstreet.com/Repo...0726081934.gif
USD/JPY
Congestive lows at 86.25/33, posted on 16/22 July, marked a tentative short-term base that has supported recovery through 87.58, 20 July previous high, to reach 87.71, 50% of the 89.14/86.25 decline, so far. A lower top is sought for fresh weakness to retest the 86.33/25 zone, while only sustained break above 88 area would improve the structure.
Res: 87.71, 87.84, 88.00, 88.26
Sup: 86.72, 86.58, 86.33, 86.25
http://mediaserver.fxstreet.com/Repo...0726081916.gif
USD/CHF
Is trading within 1.0393/1.0560 range, following recent weakness from 1.1730, 2010 high, posted on 01 June. Slight loss of momentum at upper short-term range now warns of a possible relapse back to 1.0400/1.0393 zone. Regain of 1.0562, however, would firm the tone.
Res: 1.0562, 1.0583, 1.0617, 1.0645
Sup: 1.0475, 1.0462, 1.0393, 1.0366
http://mediaserver.fxstreet.com/Repo...0726081842.gif