Thread: Short Term Technical Analysis for Majors (07:30 GMT)

EUR/USD

Extends the short-term downtrend from 1.4548, 29 Aug high, after break below channel support and loss of 1.4200 handle, opening way for test of 1.4100, 11 Aug low, ahead of key short-term support at 1.4056, 05 Aug low. Short-term studies remain bearish and favor further weakness, with break under 1.4056 to signal fresh leg lower and expose 1.4000 zone where daily 200 day MA currently lies. On the upside, 1.4170/1.4200 zone offers initial resistance, while only regain of 1.4258/86 improves.

Res: 1.4135, 1.4169, 1.4182, 1.4200
Sup: 1.4100, 1.4056, 1.4013, 1.4000




GBP/USD

Maintains short-term negative tone after hitting fresh low at 1.6131 on 01 Sep and subsequent recovery attempt being capped by 20 day MA at 1.6250. Fresh weakness is looking for retest of 1.6131, below which to open way for full retracement of 1.6110/1.6617 upleg and break below key short-term support at 1.6110, also near Fib 61.8% of 1.5779/1.6617 ascend, to signal fresh bear phase, with 1.6000 to come in focus. Initial resistances lie at 1.6184/1.6200.

Res: 1.6184, 1.6207, 1.6251, 1.626
Sup: 1.6131, 1.6110, 1.6050, 1.6050




USD/JPY

Returns back to levels under 77.00 mark and broader range trade, after fresh strength from 76.40, range floor, cleared 77.00 barrier, but gains stalled at 77.25. Clearance of 76.40/77.25 range barriers is required to define direction.

Res: 76.95, 77.00, 77.25, 77.68
Sup: 76.68, 76.51, 76.41, 76.30





USD/CHF

Bounces higher after pullback from 0.8239, 29 Aug low, dipped to 0.7710 last Friday, retracing between 38.2% and 50% of 0.7067/0.8239 upleg. Temporary support was found at 0.7710, with 0.7911 seen so far. Upside break above 20 day MA, currently at 0.7962, is required to signal further recovery and open 0.8000 zone for test. On the downside, loss of 0.7710 would signal a return to near-term weakness and open 0.7655, Fib 50% next.

Res :0.7911, 0.7924, 0.7958, 0.7993
Sup: 0.7837, 0.7802, 0.7756, 0.7710

GBP/USD maintaining short-term negative tone. hmmm.