Windsor Brokers - Short Term Technical Analysis for Majors (08:45 GMT)

[WindsorBrokers]

EUR/USD

Remains in recovery mode off 1.2586/1.2625, 24/31 Aug lows. Yesterday’s breach at 1.2741/78 resistance zone has so far seen 1.2855, with slight ease expected to precede fresh gains to test 1.2870, 38% retracement of 1.3332/1.2586 downleg. However, while 1.2870/1.2931 zone holds, the latest rally is seen corrective. Only break above the latter would signal stronger recovery.

Res: 1.2855, 1.2870, 1.2903, 1.2931
Sup: 1.2741, 1.2725, 1.2693, 1.2660





GBP/USD

Near-term structure off yesterday's 1.5336 low suggests scope for a further swing higher towards 1.5500 area, where a lower high may form. Reversal below 1.5336, however, opens up 1.5125, 21 Jul low. Reclaim of 1.5596, 26 Aug low improves.

Res: 1.5458, 1.5495, 1.5543, 1.5573
Sup: 1.5335, 1.5296, 1.5250, 1.5235





USD/JPY

Maintains negative tone, recovery off 83.58 failed at 85.89. Fresh weakness has so far reached 83.81, confirming a lower ceiling at 85.59. Break under 83.81/58 opens 83.10/82.30 next, while 84.59/82 caps for now.

Res: 84.67, 84.82, 85.19, 85.46
Sup: 83.90, 83.66, 83.51, 83.10





USD/CHF

Continues to trend lower, targeting a major bear flag trendline at 1.0065, drawn off Mar 2008 low. Break here would signal significant medium to longer-term weakness, with immediate target standing at 0.9916, 2009 low, posted 26 Nov. Only regain of 1.0307 would ease bear pressure.

Res: 1.0186, 1.0224, 1.0250, 1.0261
Sup: 1.0065, 1.0027, 0.9980, 0.9960