Thread: Short Term Technical Analysis for Majors (07:00 GMT)

EUR/USD

The Euro’s near-term bulls remain unobstructed, as the single currency clears trendline resistance at 1.3082 and psychological 1.3100 barrier, with fresh high posted at 1.3123, levels last time seen in mid-October. Strong bullish tone, shown on lower and larger timeframes studies, with strong momentum being established, keeps the key upside targets at 1.3138/70 in focus, as potential break here would signal fresh bullish phase of the larger uptrend from 1.2042, 24 July annual low that was interrupted by broader 1.3170/1.2660 correction. Immediate supports stand and 1.3070, 03 Dec high / 55 day EMA and 1.3046, 03 Dec intraday high / 04 Dec low.

Res: 1.3123, 1.3138, 1.3170, 1.3200
Sup: 1.3100, 1.3070, 1.3046, 1.3020





GBP/USD

Near-term structure remains positive, as the pair regains 1.6100 handle, following pullback from yesterday’s fresh high at 1.6129 that found footstep at 1.6087. Weakening hourly studies, however, warn of possible hesitation and reversal in case of failure to clear recent high, also Fib 61.8% of 1.6308/1.5826 descend. The notion is also supported by 4h indicators that start to point lower. Loss of 1.6100/1.6087 would confirm pause in current rally and open way for corrective action towards strong supports at 1.6050 and 1.6000. Conversely, lift above 1.6129, is expected to expose key barriers and double-top at 1.6174/78.

Res: 1.6119, 1.6129, 1.6174, 1.6178
Sup: 1.6100, 1.6087, 1.6060, 1.6050





USD/JPY

The pair averts immediate downside risk after finding support at 81.70, near-term range floor and subsequent bounce retraces near 61.8% of 82.83/81.70 downleg at 82.33. Hourly studies turned positive, however, still weak conditions on 4h chart, keep the downside risk in play. Unless 82.50/60 barriers are regained, likely near-term scenario would be further range trading, with focus at the lower boundaries of the range. Loss of 81.70 to signal stronger corrective action.

Res: 82.33, 82.50, 82.60, 82.74
Sup: 82.12, 82.00, 81.68, 81.58





USD/CHF

The pair remains near-term consolidative phase, holding above fresh low at 0.9239 and key support and near-term target at 0.9213. With hourly studies losing ground again, as 0.9300 barrier capped corrective attempts and 4h indicators holding in the negative territory, downside remains in near-term focus. Attack at key support at 0.9213 is seen as likely scenario, with break here to open way for resumption of broader downtrend from 0.9970, interrupted by corrective / consolidative 0.9213/0.9511 phase.

Res: 0.9273, 0.9292, 0.9300, 0.9339
Sup: 0.9244, 0.9239, 0.9213, 0.9200

Short term is for the tech savvy, full time investor. The short term trader looks for trends, through which he uses technical analysis to determine which way the stock price is going to go. He looks at the chart of a stock price, and tries to find a trend. Then, he applies the rules of technical analysis to make money.