Short Term Technical Analysis for Majors (08:30 GMT)
EUR/USD
Bounced off 1.3774, yesterday’s low, following reversal off 1.4011 lower top and break through trendline support at 1.3900. Latest break through triangle upper border now signal fresh strength, with clearance of 1.4011/27 to open next phase higher and focus 1.4100/95. Downside, only loss of 1.3774 would weaken the structure.
Res: 1.4011, 1.4027, 1.4100, 1.4195
Sup: 1.3942, 1.3905, 1.3881, 1.3836
http://mediaserver.fxstreet.com/Repo...1013083254.gif
GBP/USD
Has a lower top at 1.5964, ahead of fresh weakness though trendline support at 1.5840 to reach 1.5754 low. This may signal a further retrace of 1.5295/1.6016 upleg and break through 1.5754 to open 1.5700/1.5668 next. Current corrective attempt is seen capped by 1.5964.
Res: 1.5916, 1.5964, 1.5997, 1.6016
Sup: 1.5773, 1.5754, 1.5741, 1.5700
http://mediaserver.fxstreet.com/Repo...1013083233.gif
USD/JPY
Remains in a consolidative mode, following the latest dip to fresh yearly low of 81.37. Near-term outlook remains bearish while 82.34/55 area caps, with potential for retest of 81.37 and further weakness towards 81.00. Above 82.55 would delay for 83.05.
Res: 82.11, 82.34, 82.55, 82.71
Sup: 81.65, 81.37, 81.00, 80.00
http://mediaserver.fxstreet.com/Repo...1013083201.gif
USD/CHF
Recovery attempt off 0.9553 failed at 0.9726 yesterday, followed by sharp reversal. The latest upleg has been fully retraced, with 0.9543, fresh all-time low posted. Bears look for extension towards 0.9500/0.9465 next.
Res: 0.9594, 0.9618, 0.9661, 0.9699
Sup: 0.9543, 0.9500, 0.9465, 0.9400
http://mediaserver.fxstreet.com/Repo...1013083122.gif