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

[WindsorBrokers]

EUR/USD

Completed the ascending wedge pattern off 1.4046, breaking trendline support at 1.4244 and losing series of supports, to test 1.4046, 16 May previous low and daily 55 day MA. Break here would signal an end of recovery phase and fresh extension of the broader downtrend from 1.4938, yearly high, and turn focus towards supports at 1.4020, 1.3900 and 1.3860/50. Near-term conditions are oversold, suggesting bounce, with immediate resistance at 1.4120/40 zone and lower high sought below 1.4200, to maintain short-term bears.

Res: 1.4100, 1.4120, 1.4140, 1.4200
Sup: 1.4039, 1.4020, 1.3980, 1.3900




GBP/USD

Continues to trade in a consolidative range within 1.6100/1.6300 after reversal from 1.6745, fresh high, found temporary ground at 1.6100 zone. Immediate outlook keeps the focus at the downside after last Friday’s upside rejection at 1.6300 and latest attempt through trendline support at 1.6185, to open way towards 1.6130, possibly to retest 1.6100 on a break. On the upside, clearance of 1.6200/30 is required to signal fresh strength and re-expose range ceiling at 1.6300 for retest. Above 1.6300 to open 1.6380/1.6420, while loss of 1.6100 to signal a resumption of downtrend from 1.6745 and possibly open 1.5935, 28 Mar low for test.


Res: 1.6215, 1.6232, 1.6275, 1.6302
Sup: 1.6158, 1.6130, 1.6100, 1.6090




USD/JPY

Maintains near-term bulls while holding above 81.33, previous high, and trendline support off 79.55, currently at 81.15. Brief break above daily 55/90 day MA’s at 81.95/82.15, suggests further gains towards 82.80/83.09 barriers. Only break below 81.15 would weaken immediate bull structure and open way for deeper reversal towards 80.93/69.

Res: 82.00, 82.20, 82.80, 83.09
Sup: 81.50, 81.33, 81.15, 80.93





USD/CHF

Trades in corrective mode from 0.8944, 13 May high but short-term bulls from 0.8550 remain intact as long as 0.8800 strong support zone holds. Upside clearance of 0.8850/75 is required to re- focus 0.8944, break of which to signal fresh recovery phase. Loss of 0.8800/0.8780, however, would weaken near-term structure and turn focus towards 0.8700 zone.

Res: 0.8853, 0.8875, 0.8900, 0.8944
Sup : 0.8800, 0.8764, 0.8706, 0.8675