Short Term Technical Analysis for Majors (07:30 GMT)

[WindsorBrokers]

EUR/USD

Maintains negative tone after Friday’s loss of strong support at 1.4450 and sharp fall towards 1.4300, key short– term support. The pair is currently in a near-term consolidative phase after closing at 1.4330 on Friday and posting fresh low at 1.4320 overnight. Hourly chart regains momentum and attempt to break above 20 day MA that would signal correction, as near-term studies are in oversold zone. Upside looks capped at 1.4450/1.4500 for now, as wider picture studies point to the downside, with loss of daily 55 day MA, looking for attempt through 1.4300, to possibly test 1.4250 zone, 30 May lows / Fib 61.8% of 1.3968/1.4695 ascend.

Res: 1.4375, 1.4400, 1.4450, 1.4470
Sup: 1.4320, 1.4306, 1.4260, 1.4245




GBP/USD

Extended losses from 1.6471, clearing key short-term support at 1.6300 zone and Fib 61.8% of 1.6057 / 1.6545 upleg at 1.6244, to test levels just above 1.6200 handle. Current narrow consolidation at 1.6230/40 zone would likely precede fresh weakness, as near-term structure remains negative. However, oversold conditions may trigger further corrective action, with strong barrier at 1.6300/20 expected to cap. Below 1.6200 focus comes at 1.6131, 25 May low, ahead of possible full retracement and test of 1.6057, seen near-term.

Res:1.6257, 1.6300, 1.6323, 1.6350
Sup: 1.6214, 1.6200, 1.6160, 1.6131





USD/JPY

Corrective action from 79.68, 08 May fresh one-month low, regained 80.00 handle, extending gains above 80.45, Friday’s high, to hit 80.68, ahead of pullback. Hourly 20 day MA is expected to hold, to maintain near-term positive structure, for possible attempt at 81.00/31 zone next. On the downside, loss of 80./30/20 support area would risk fresh weakness towards 80.10/00, below which would turn bearish and expose 79.68/55, possibly 79.06 on a break.

Res: 80.55, 80.70, 81.00, 81.31
Sup: 80.30, 80.25, 80.10, 80.00





USD/CHF

Remains constructive above 0.8325 record low, as fresh gains reclaimed 0.8440/50 previous highs while 0.8395, Friday’s low / 20 day MA holds. Further price action is seen towards 0.8500/44 levels, as daily indicators started pointing higher.

Res: 0.8450,0.8466, 0.8500, 0.8550
Sup: 0.8414, 0.8395, 0.8380, 0.8345