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

[WindsorBrokers]

EUR/USD

Extends pullback from 1.4695, 07 June fresh high, to test key near-term support at 1.4660. Subsequent bounce is for now limited at 1.4630, 20 day MA, with break here sought for retest of 1.4695 and 1.4705/20/54, next targets. Near-term bulls remain in play while 1.4560 holds and only break here to weaken the structure for deeper correction into 1.4520/1.4450.

Res: 1.4638, 1.4687, 1.4695, 1.4705
Sup: 1.4563, 1.4520, 1.4500, 1.4450




GBP/USD

Yesterday’s false break below main trendline support has seen strong bounce above 1.6400, with 1.6440 zone tested so far. However, regain of 1.6471 is required to confirm strength and resume gains towards 1.6500/46 barriers, above which to open way towards year’s high at 1.6745. Failure under 1.6471 would risk return to key support zone at 1.6300/1.6285.

Res: 1.6453, 1.6471, 1.6500, 1.6546
Sup: 1.6388, 1.6347, 1.6323, 1.6300




USD/JPY

Corrective attempt from 79.68, yesterday’s fresh low, regained 80.00 handle but gains so far limited at 80.30 zone. Near-term studies are turning positive and suggest further correction, with break above 80.30 to focus 80.70 zone, previous lows / 55 day MA, where bears are expected to re-assert for fresh leg lower. Only regain of 81.76 would improve the short-term outlook. On the downside, loss of 79.68, opens 79.55, then 79.06.

Res: 80.29, 80.38, 80.50, 80.70
Sup: 79.96, 79.68, 79.55, 79.06




USD/CHF

Trades in a narrow consolidative mode, just above 0.8325, fresh all-time low, with near-term outlook still under pressure, as 0.8400 zone caps. Overextended daily studies see potential for stronger correction, with break above 0.8400/50 required to ease immediate bear pressure. On the downside, loss of 0.8325 would open 0.8300/0.8250 next.

Res: 0.8378, 0.8389, 0.8400, 0.8420
Sup: 0.8345, 0.8325, 0.8300, 0.8250