Short Term Technical Analysis for Majors (16:15 GMT)

EUR/USD
Upside rejection at 1.3358, just ahead of first resistance at 1.3377, with sharp reversal followed. Break below key near-term support at 1.3180/63 now suggests further weakness towards 1.3059, with return to 1.2968 not ruled out. Only regain of today’s high of 1.3358 would offer relief.

Res: 1.3358, 1.3377, 1.3440, 1.3500
Sup: 1.3100, 1.3059, 1.3049, 1.2968

http://mediaserver.fxstreet.com/Repo...1217161334.gif


GBP/USDRecovery attempt off 1.5529 left a lower top at 1.5645, ahead of strong pullback, breaking through key near-term supports at 1.5510/1.5483. Bears now look for test of 1.5384 and key support at 1.5295, with 1.5264, 50% retracement of 1.4236/1.6295 upleg seen next. To ease immediate bear pressure, 1.5645 must be regained.

Res: 1.5645, 1.5667, 1.5710, 1.5767
Sup: 1.5448, 1.5384, 1.5344, 1.5295

http://mediaserver.fxstreet.com/Repo...1217161301.gif



USD/JPY
Recent consolidation ceiling at 84.29/39 caps all upside attempts for now, as the latest two false breaks were followed by immediate pullbacks. Bears are tested 83.63, consolidation bottom, with fresh upside attempt under way. This keeps focus at 84.39, with break higher to open 85.40 next. Loss of 83.63, however, delays.

Res: 84.32, 84.39, 84.49, 84.60
Sup: 83.63, 83.16, 82.83, 82.33

http://mediaserver.fxstreet.com/Repo...1217161241.gif




USD/CHF
Decline off 0.9732 lower high found support at 0.9556, just ahead of key 0.9546 level, where the fresh strength has emerged. 0.9732 is now in focus, with break here required to continue recovery of the broader 1.0064/0.9556 downleg, and turn immediate focus towards 0.9839. Only loss 0.9556/46 would turn the near-term tone negative.


Res: 0.9732, 0.9754, 0.9795, 0.9839
Sup: 0.9595, 0.9556, 0.9546, 0.9461

http://mediaserver.fxstreet.com/Repo...1217161211.gif