Short Term Technical Analysis for Majors (14:45 GMT)

EUR/USD

The pair trades in a near-term corrective mode after hitting fresh one-month high at 1.3952, earlier today. Corrective pullback has so far tested initial support at 1.3820. Next support level lies at 1.3800, ahead of trendline support at 1.3740, with reversal above here required to keep short-term bulls in play for fresh attempt higher, as near-term studies, still in positive territory, but started pointing lower, do not rule out deeper correction. On the upside, 1.3900/13 offer initial resistance, while break above 1.3952 to focus 1.4000, Fibonacci level.

Res: 1.3870, 1.3900, 1.3913, 1.3952
Sup: 1.3820, 1.3800, 1.3740, 1.3700

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GBP/USD

Corrects the latest rally that tested 1.6000, psychological barrier, today. Hourly MACD bearish divergence would signal deeper reversal, with 1.5900 tested so far, below which opens key near-term supports at 1.5850/00, previous high / trendline support. However, reversal above 1.5800 would keep short-term bulls from 1.5271 intact for fresh push towards 1.6000 barrier.

Res: 1.5955, 1.6000, 1.6043, 1.6082
Sup: 1.5900, 1.5850, 1.5800, 1.5752

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USD/JPY

The downside remains vulnerable as corrective bounce from 75.80, new record low, was capped by previous range floor at 75.50. Fresh weakness returned to the levels under 76.00 mark, increasing risk of renewed attack at 75.80, blow which to spark fresh bear-leg and open 75.00 next. Upside remains capped at 76.50, with negative near-term studies keeping focus at the downside.

Res: 76.47, 76.55, 76.65, 76.85
Sup: 75.97, 75.80, 75.50, 75.00


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USD/CHF

The latest bear-leg extended losses to test 0.8800 zone so far, after completing 4-hour head and shoulders pattern and breaking below the neckline at 0.8920. Bounce on oversold hourly conditions was so far limited under 0.8900 barrier, however, 4-hour MACD bullish divergence may signal further correction, to possibly test 0.8900/50 resistance zone. On the downside, loss of 0.8800 handle to open 0.8755, 200 day MA, next.

Res: 0.8876, 0.8900, 0.8950, 0.9000
Sup: 0.8804, 0.8789, 0.8754, 0.8700

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