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

[WindsorBrokers]

B]EUR/USD[/b]
Near-term tone turns negative after upside failure at 1.4650 triggered sharp fall through strong support at 1.4560, to test 1.4500 zone, ahead of next significant support at 1.4450, 03 June low. Hourly studies in oversold zone suggest bounce, with immediate barrier at 1.4560, now reverted to resistance, ahead of 1.4590, while only regain of 1.4650 improves the near-term outlook.

Res: 1.4560, 1.4590, 1.4650, 1.4687
Sup: 1.4450, 1.4413, 1.4400, 1.4345




GBP/USD

Renewed attempt at 1.6471 barrier has failed at 1.6465, with subsequent reversal pushing through trendline support at 1.6395, en-route to 1.6347, yesterday’s low. Break here would confirm near-term top at 1.6370 zone and expose key short-term supports at 1.6300/1.6285, loss of which would confirm lower top at 1.6546 and open way for fresh leg lower. Dynamic supports lie at 1.6330, daily 55 day MA and 1.6263, 90 day MA. Corrective actions are seen limited at 1.6400 for now.

Res: 1.6400, 1.6438, 1.6456, 1.6471
Sup: 1.6347, 1.6323, 1.6300, 1.6285




USD/JPY

Continues to trade in a narrow range after 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 see scope for 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

Breaks above the recent narrow consolidative range above fresh all-time low at 0.8326, to test immediate barrier at 0.8450, break of which is sought for fresh correction towards 0.8500/50 zone, also near Fib 38.2% of 0.8944/0.8325 downleg. On the downside, 0.8400/0.8380 zone offers initial support, along with 20 day MA, currently at 0.8365, underpinning the recent advance.

Res: 0.8444, 0.8451, 0.8500, 0.8550
Sup: 0.8400, 0.8380, 0.8345, 0.8325