Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

EUR/USD

The Euro holds steady ahead of today’s Fed meeting, as bullish run continues to post fresh highs. Overnight’s brief pullback was contained just under 1.2900 and fresh gains look for retest of yesterday’s high and Fib 61.8% of 1.3485/1.2042 at 1.2935, the last barrier ahead of psychological 1.3000 level. Overextended studies on 4h chart and hourly indicators starting to point lower, may be a signal for correction, however, recent price action has not been significantly affected, as the rally was interrupted only by shallow dips so far. Initial supports lie at 1.2900/1.2870, ahead of 1.2830, 200 day MA / broken bear-trendline, with break here and 1.2800, seen as a trigger for stronger reversal.

Res: 1.2935, 1.2950, 1.2978, 1.3000
Sup: 1.2900, 1.2870, 1.2830, 1.2815





GBP/USD

Near-term price action gets congested under yesterday’s fresh high at 1.6130, with immediate risk of corrective action, seen on descending hourly indicators and 4h ones emerging from overbought territory. However, overall bullish picture and yesterday’s close above 1.6100 level, keeps the upside favored, with next target at 1.6200. Any dips should ideally been contained at/above 1.6060 higher platform / Fib 38.2% of 1.5958/1.6130 upleg, to keep bulls in play.

Res: 1.6130, 1.6150, 1.6181, 1.6200
Sup: 1.6100, 1.6080, 1.6060, 1.6040




USD/JPY

The pair remains under pressure, following yesterday’s brief recovery that was capped under initial 78.00 barrier and fresh slide under 77.65. With near-term indicators in the negative territory, fresh bear phase of a larger downtrend from 84.17 is likely, with 77.00 seen next. As 20 day EMA limits the upside at 78.00, break here and 78.30 barrier, is required to avert immediate downside risk.

Res: 77.85, 78.00, 78.32, 78.50
Sup: 77.64, 77.50, 77.35, 77.00





USD/CHF

The pair continues to trend lower, following break below significant 0.9400 support and 200 day MA. Fresh losses broke below our initial support at 0.9360 and tested the next one at 0.9330 zone, with brief consolidation being limited by descending 20 day EMA. Immediate focus lies at our near-term targets and supports at 0.9310, trendline support and 0.9300, round figure, while 0.9400 offers initial resistance. Only regain of 0.9480/0.9500 would improve near-term structure.
    
Res: 0.9400, 0.9432, 0.9482, 0.9500
Sup: 0.9339, 0.9330, 0.9310, 0.9300



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