Short Term Technical Analysis for Majors (14:40 GMT)

EUR/USD

Extends the near-term weakness after corrective bounce from 1.3421 stalled at 1.3614. Subsequent slide has nearly fully retraced 1.3421/1.3614 rally, finding near-term support at 1.3429. Current bounce on oversold hourly conditions is seen corrective, as near-term studies remain negative and favor further weakness and retest of key near-term support zone at 1.3421/07, below which only one obstacle at 1.3360 remains ahead of key short-term support at 1.3145, 04 Oct low. Initial barriers at 1.3500/20 zone, 20 day SMA / today’s consolidative range ceiling, are expected to cap.

Res: 1.3494, 1.3500, 1.3535, 1.3555
Sup: 1.3429, 1.3421, 1.3407, 1.3360

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GBP/USD

Dips below 1.5690, previous low, to confirm the end of corrective phase that was capped at 1.5887, also Fib 50% of 1.6088/1.5690 descend. Fresh weakness has so far cleared initial support at 1.5630 and dented the next one at 1.5615, Fib 61.8% of 1.5271/1.6164 upleg. Overextended hourly studies may trigger corrective bounce, with 1.5690 now acting as initial barrier, ahead of stronger resistance at 1.5735 zone, where also 20 day SMA currently stands and daily 55 day SMA at 1.5787, that capped the latest rally. Loss of 1.5600 handle to open 1.5541, 12 Oct low, ahead of figure support at 1.5500 and Fib 76.4 at 1.5485.

Res: 1.5658, 1.5690, 1.5717, 1.5735
Sup: 1.5611, 1.5600, 1.5541, 1.5500

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USD/JPY

The pair continues to move in a near-term neutral mode, holding under initial barrier at 77.00, but short-term bias skewed to the downside, as the latest weakness broke below daily Ichimoku cloud to test 76.50 support so far. Upside attempts remain capped at 76.93, cloud base / 20 day SMA and while below here, immediate focus stays at 76.50, below which to open series of support levels at 76.30/10/00. Only regain of 77.00/15 would ease current bear pressure and allow for stronger bounce towards 77.50.

Res: 76.93, 77.00, 77.15, 77.50
Sup: 76.81, 76.74, 76.56, 76.30

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USD/CHF

Fresh attempt higher from 0.9083, last Friday’s higher low, regained 0.9200 handle, but showing signs of fatigue and dipping to 0.9170, 20 day SMA, after unsuccessful attempt to sustain gains above 0.9200 mark. However, while initial supports at 0.9150/40 hold, scope exists for fresh attempt higher, with clearance of 0.9200 to open 0.9234, previous high, for possible final push towards our targets at 0.9313/38. On the downside, loss of 0.9140 would risk fresh near-term weakness and possible revisit of key supports at 0.9100/0.9083. Hourly studies are losing traction, while 4-hour outlook remains in a neutral / negative mode.

Res: 0.9186, 0.9207, 0.9234, 0.9250
Sup: 0.9155, 0.9140, 0.9100, 0.9083

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