Short Term Technical Analysis for Majors (08:15 GMT

EUR/USD
Correction off 1.3026 reached 1.2731 on 21 July, ahead of fresh push higher. Initial resistance at 1.2921 has been dented, with 1.2928 seen so far. Sustained break here is required to confirm higher low and expose 1.3026, ahead of possible extension to 1.3073/1.3125 on a break. Upside rejection at 1.2928, however, risks 1.2776, trendline support first, then 1.2731.

Res: 1.2899, 1.2928, 1.2989, 1.3026
Sup: 1.2838, 1.2817, 1.2776, 1.2731

http://mediaserver.fxstreet.com/Repo...0723081932.gif


GBP/USD

Price action off 1.5123, 21 July higher low, suggests further upside extension after market broke above 1.5295, yesterday’s high. Immediate resistance stands at 1.5335,/50, with break here to open way for retest of 1.5470 and then 1.5524, 15 Apr high. Failure under 1.5350 risks fresh weakness towards 1.5123 initially.

Res: 1.5335, 1.5350, 1.5396, 1.5445
Sup: 1.5232, 1.5196, 1.5172, 1.5123

http://mediaserver.fxstreet.com/Repo...0723081907.gif


USD/JPY

Recovery attempt off 86.25 failed at 87.56, ahead of reversal to 86.33 yesterday. A negative consolidation above 86.33/25 will precede fresh weakness, and below 86.25 to target 85.85/84.80. Only reclaim of 87.58 improves the outlook.

Res: 87.22, 87.35, 87.58, 87.84
Sup: 86.72, 86.58, 86.33, 86.25

http://mediaserver.fxstreet.com/Repo...0723081843.gif


USD/CHF

Yesterday’s break lower from the recent bear flag signals the next leg lower, briefly breaking below 1.0400, to reach 1.0393 so far. 1.0366 is seen next, with studies confirming the negative structure. Upside, 1.0462/836 area caps for now.

Res: 1.0462, 1.0483, 1.0516, 1.0545
Sup: 1.0393, 1.0366, 1.0344, 1.0317

http://mediaserver.fxstreet.com/Repo...0723081733.gif