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

[WindsorBrokers]

EUR/USD

Extends bull trend from 1.3968, 23 May low, to approach 1.4700 zone, where the targets lie at 1.4705/20, Fib 76.4% / 05 May intraday high, ahead of 1.4754, 03 May low. Positive tone remains intact, but extended 4-hour studies suggest correction. Main near-term support lies at 1.4560, with potential break here to delay in favor of stronger pullback into 1.4520/1.4450 zone. Only loss of key short-term support at 1.4300 would signal an end recovery phase from 1.3968.

Res: 1.4694, 1.4705, 1.4720, 1.4750
Sup: 1.4642, 1.4600, 1.4560, 1.4520





GBP/USD

Holds near-term positive structure from 1.62858 after yesterday’s bounce from 1.6323 higher low exceeded previous high at 1.6460 and hit fresh high at 1.6471. While current corrective pullback holds above 20 day MA, currently at 1.64 zone, scope exists for fresh attempt through 1.6500, towards 1.6546, 31 May high, break of which would open way for possible retest of key barrier at 1.6745 in a short-term. Main trendline support at 1.6367, maintains short-term bulls..

Res: 1.6453, 1.6471, 1.6494, 1.6546
Sup: 1.6404, 1.6367, 1.6352, 1.6323




USD/JPY

Extends short-term downtrend from 82.20/81.76 highs, losing 80.00 handle, with 79.74 seen so far, just ahead of key support at 79.55, 05 May low. Loss of the latter to signal an end of recovery phase and confirm lower top at 82.20, ahead of fresh weakness towards 79.06 next. Some corrective action may be seen on oversold near-term studies, with initial resistance at 80.30 zone and 80.70 expected to cap.

Res: 80.26, 80.38, 80.50, 80.70
Sup: 79.74, 79.55, 79.06, 78.82





USD/CHF

Remains under pressure after recovery attempt from fresh historical low at 0.8326 was capped at 0.8384, followed by fresh weakness. The latest bounce higher, after retesting 0.8326, signals possible near-term basing attempt in play, as overextended daily studies see potential for correction, however, break above 0.8400/20 is needed to ease immediate bear pressure. On the downside, loss of 0.8326, would open 0.8300/0.8250 next.

Res: 0.8389, 0.8400, 0.8420, 0.8450
Sup: 0.8326, 0.8300, 0.8250, 0.8200