Short Term Technical Analysis for Majors (11:10 GMT)

EUR/USD
Oversold conditions have yielded a retrace higher which has narrowly missed the 23.6% retrace of the 1.3334-1.2830 fall, at 1.2949, reaching 1.2933. The break under 1.2830 now warns of an extend lower towards 1.2774.

Res: 1.2940, 1.2955, 1.3020, 1.3040
Sup: 1.2800, 1.2775, 1.2730, 1.2680

http://mediaserver.fxstreet.com/Repo...0812103844.gif


GBP/USD
The current rise off the day's 1.5615 low is seen as corrective with a lower high sought for a further weakness. Longer-term a likely false break higher out of a rising channel warns of losses ahead too.

Res: 1.5740, 1.5770, 1.5825, 1.5870
Sup: 1.5580, 1.5550, 1.5520, 1.5500

http://mediaserver.fxstreet.com/Repo...0812103946.gif


USD/JPY
Short-term gains remain viable given yesterday's hammer candle. However, trade is dominated by a larger falling wedge formation off 89.15 (12 Jul high). Scope for a re-test of wedge support before longer lasting gains.

Res: 85.90, 86.25, 86.50, 86.90
Sup: 84.90, 84.65, 83.45, 83.00

http://mediaserver.fxstreet.com/Repo...0812104008.gif


USD/CHF
The break over daily falling channel resistance now hints at a potential basing formation. Structure present since 1.0618 (10 Aug high) may be corrective with scope for a lapse towards 1.0461 before fresh gains.

Res: 1.0630, 1.0670, 1.0750 1.0770
Sup: 1.0545, 1.0520, 1.0475, 1.0430

http://mediaserver.fxstreet.com/Repo...0812104026.gif