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

[WindsorBrokers]

EUR/USD
The pair moves in a directionless mode, entrenched within 1.2440/1.2530 range, awaiting the EU summit. Hourly studies are neutral in past two days, while larger picture maintains negative tone, with immediate barrier at 1.2530, range top / daily 20 day MA. Break here to trigger recovery towards key near-term resistance zone at 1.2580/1.2600 and signal basing attempt at strong 1.2460/40 zone, Fib 61.8% of 1.2287/1.2745 / 26/27 / mid June rage lows. Loss of the latter, however, will open a fresh leg of short-term downtrend from 1.2745 and focus 1.2400, initially.

Res: 1.2529, 1.2550, 1.2580, 1.2600
Sup: 1.2500, 1.2470, 1.2440, 1.2409





GBP/USD
Continues to move within 1.5538/1.5650 range, as the near-term price action remains capped by bear-trendline off 1.6300. Negative near-term studies keep the downside favored, as long as 1.5650 stays intact, while break here would signal near-term double bottom and re-focus 1.5700/45 zone. On the downside, 1.5538/44 lows are reinforced by daily 20 day MA and slide below to expose 50% retracement at 1.5521 and 1.5500, round figure support, ahead of strong support at 1.5460, mid-June lows / Fib 61.8% of 1.5267/1.5776 upleg.

Res: 1.5622, 1.5650, 1.5700, 1.5732
Sup: 1.5575, 1.5545, 1.5538, 1.5521





USD/JPY
Reversal off 80.60 barrier that so far fell to 79.22, keeps the near-term price action under pressure, after loss of very strong supports at 80.00 and 79.80. Corrective/consolidative move off 79.22, remains limited under initial resistance at 79.80, also descending 55 day MA. Negative short-term outlook sees risk of further decline and test of 79.00, figure support and 78.83, 200 day MA, as the price cracked bull-trendline connecting 77.65 and 78.60 lows. Any bounce higher requires break above 80.00 to ease near-term bear-pressure.

Res: 79.60, 79.86, 80.00, 80.60
Sup: 79.32, 79.22, 79.00, 78.83





USD/CHF
Continues to consolidate the latest 0.9420 base that were so far capped at 0.9650, with near-term price action bouncing of the range floor and surging through 0.9600 barrier. Clearance of range top at 0.9650 and the next barrier at 0.9675 is required to turn near-term focus towards 0.9700 and 0.9769.


Res: 0.9675, 0.9700, 0.9750, 0.9769
Sup: 0.9600, 0.9580, 0.9550, 0.9541