Short Term Technical Analysis for Majors (12:30GMT)

EUR/USD
Rises off yesterday’s 1.2780 low to challenge 1.2933. While below this level there remains scope for further weakness towards 1.2708. Over 1.2933 would target 1.3054 in the s-term. A lower high sought for a return to weakness.

Res: 1.2910, 1.2935, 1.3030, 1.3055
Sup: 1.2730, 1.2700, 1.2680, 1.2650
http://mediaserver.fxstreet.com/Repo...0813122457.gif

GBP/USD
An hourly falling wedge pattern is developing with scope for a test of the formations support before a recovery higher. Back over 1.5714 is required to break down the short-term bear structure. Fresh falls favored.

Res: 1.5715, 1.5770, 1.5825, 1.5865
Sup: 1.5550, 1.5525, 1.5510, 1.5490
http://mediaserver.fxstreet.com/Repo...0813122520.gif

USD/JPY
May have put in a short-term bottom via Wed's hammer candle to challenge daily falling wedge resistance off 89.15 high. The rise above 86.25/46 will firm for 86.89/99 (approx 50% of 89.15/84.72). Lows at 84.94/85.18 buoy.

Res: 86.25, 86.65, 86.95, 87.20
Sup: 85.35, 85.10, 84.70, 84.60
http://mediaserver.fxstreet.com/Repo...0813122542.gif

USD/CHF
USD/CHF A potential expanded flat consolidation is indicated following the rise from last Fri's 1.0332 low. A swing low over the 1.0400 region bodes well for next upside attempt at 1.0640/76. Loss there however re-exposes 1.0332/04

Res: 1.0585, 1.0630, 1.0675, 1.0700
Sup: 1.0460, 1.0440, 1.0395, 1.0375
http://mediaserver.fxstreet.com/Repo...0813122600.gif