Short Term Technical Analysis for Majors (08:00 GMT)


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EUR/USD

Remains weak off 1.2916, key lower top, posted 06 Sep with the loss of trendline support confirming the underlying bear structure. Initial targets lie at 1.2625 and 1.2586. Only regain of 1.2765/75 would delay weakness.

Res: 1.2765, 1.2775, 1.2840, 1.2875
Sup: 1.2658, 1.2643, 1.2625, 1.2586



GBP/USD

Price has been largely confined to a falling hourly channel over the past couple of weeks. Sustained break below yesterday's low at 1.5375 would open a test of 1.5295/70, 07 Sep low/channel support, while break above 1.5476 would delay short-term weakness.

Res: 1.5476, 1.5492, 1.5532, 1.5543
Sup: 1.5358, 1.5344, 1.5336, 1.5325



USD/JPY

Remains in a near-term corrective mode off 83.33, 08 Sep year-to-day low, following prior downleg from 85.21 03 Sep rejection high. Break below 83.60, trendline support, will resume the underlying bear move for 82.98 next, while 84.28/47 limits the upside..

Res: 84.28, 84.47, 84.82, 85.00
Sup:83.79, 83.60, 83.51, 83.33



USD/CHF

Attempts to break through the upper border of the recent 1.0059/1.0236 band, with renewed attempt on 1.0223, overnight’s rejection high, underway. Sustained break above 1.0236 will signal resumption of recovery and expose 1.0310 first. Failure under 1.0236, however, would risk lower top, ahead of fresh weakness and open 1.0100/1.0059, possibly 0.9960 on a break.


Res: 1.0223, 1.0237, 1.0261, 1.0275
Sup: 1.0099, 1.0059, 1.0027, 1.0000
 
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