Short Term Technical Analysis for Majors (13:30 GMT)

[WindsorBrokers]

EUR/USD

Maintains bull tone from 1.3968, 23 May low, after narrow consolidation from yesterday’s high at 1.4325 was contained above 1.4250. Fresh strength through 1.4325, previous high / daily 55 day MA, has emerged above daily Ichimoku cloud at 1.4370 and so far tested 1.4400 barrier, posting new 3-week high at 1.4422. Further gains are seen towards 1.4440, 09 May highs, also Fib 50% retracement of 1.4938/1.3968 downleg, break of which would open 1.4500/65, 05/06 May lows / Fib 61.8%, next. Immediate support lies at 1.4365/25 zone, while holding above 1.4250 maintains immediate bear tone.

Res: 1.4422, 1.4440, 1.4500, 1.4564
Sup: 1.4365, 1.4325, 1.4300, 1.4256




GBP/USD

Extended rally from 1.6057 through 1.6516, 11 May high, to post fresh 3-week high at 1.6546, ahead of shallow correction. This now signals a possible end of corrective phase from 1.6745, with immediate focus at 1.6573/81, 04 May high / 76.4% retracement of 1.6745/1.6057, ahead of final attempt at 1.6700/45 resistance zone. Corrective dips are seen supported at 1.6400, while only loss of 1.6300 would weaken the near-term structure.

Res: 1.6546, 1.6573, 1.6581, 1.6600
Sup: 1.6450, 1.6400, 1.6380, 1.6300




USD/JPY

Trades in a narrow congestive range after fresh rally from 80.70 support reached fresh high of the week at 81.76. Near-term outlook remains supportive but clearance of 81.90/82.20, strong resistance zone, daily 55/90 day MA and previous high, is sought for fresh rally towards 82.60, 200 day Ma and 82.80/83.09, 27/20 Apr highs. Upside rejection under 82.20, however, would risk lower top and continuation of the short-term downtrend from 85.51.

Res: 81.76, 81.88, 82.00, 82.08
Sup: 81.44, 81.12, 81.00, 80.70





USD/CHF

Holds above fresh historical lows at 0.8460 zone, but upside remains capped at 0.8550 zone, previous low / 4-hour 20 day MA, for now. Clearance of 0.8550/ 0.8600 is required to ease bear pressure and signal fresh recovery phase towards 0.8645/0.8700, Fib 38.2% / 50% of 0.8944/0.8463 downleg and 0.8800, trendline resistance, otherwise fresh leg lower through 0.8463 towards 0.8400 initially, would be the likely scenario.

Res: 0.8543, 0.8584, 0.8593, 0.8645
Sup : 0.8520, 0.8500, 0.8490, 0.8463