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

[WindsorBrokers]

EUR/USD

Maintains last Friday’s strong gains sparked by disappointing US jobs data, to extend gains above 1.4600 barrier and currently consolidating around 1.4650 level. Near-term studies remain supportive, but overbought 4-hour conditions suggest a pause in the recent gains and possible correction of 200 pips rally, seen on Friday. Hourly 20 day MA at 1.4612 offers immediate support, ahead of 1.4560, with 1.4450, Friday’s consolidation range floor, expected to contain dips. On the upside, 1.4685 and 1.4720/50 are seen next.

Res: 1.4685, 1.4700, 1.4720, 1.4750
Sup: 1.4621, 1.4610, 1.4592, 1.4560




GBP/USD

Maintains recent strong gains after rally from 1.6300 zone hit 1.6460. Consolidation above 1.6400 is under way, with clearance of 1.6460/1.6500 needed to confirm higher low at 1.6285 and open way for test of 1.6546, 31 May high, as daily outlook regains momentum. Immediate support lies at 1.6400 zone, with 20 day MA underpinning at 1.6380.

Res: 1.6448, 1.6460, 1.6494, 1.6514
Sup: 1.6409, 1.6385, 1.6360, 1.6330




USD/JPY

Extends losses off 82.20 high after upside rejection left a lower top at 81.76 and fresh weakness broke through 80.70/33 supports, to briefly test key psychological support at 80.00. Corrective/consolidative attempts were capped at 80.40 zone, with possible extension to 80.70, previous low and 20 day MA, before reversal. On the downside, initial support lies at 80.00, with break here to open way for test of 79.5505 May low, possibly 79.06 on a break.

Res: 80.38, 80.50, 80.70, 81.00
Sup: 80.15, 80.00, 79.55, 79.06





USD/CHF

Undergoes narrow consolidation after extending losses overnight to post fresh record low at 0.8326. Some action higher may be seen as overextended near-term studiers see scope for correction, however, upside remains capped at 0.8400/50 for now.


Res: 0.8356, 0.8370, 0.8400, 0.8420
Sup : 0.8326, 0.8300, 0.8250, 0.8200