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

[WindsorBrokers]

EUR/USD

Bounce off yesterday’s low at 1.4320 is currently testing 1.4450 barrier, 01 June high / 03 June low / 20 day MA on 4-hour chart, ahead of Fib 38.2% at 1.4460. Break here would signal fresh gains and expose resistances at 1.4476/1.4500 zone. Clearance of 1.4550, however, is required to indicate possible end of corrective phase from 1.4695.

Res: 1.4450, 1.4460, 1.4476, 1.4500
Sup: 1.4413, 1.4400, 1.4377, 1.4345




GBP/USD

Extends rally from 1.6215, yesterday’s low, through 1.6350/1.6400 resistance zone, to reach 1.6426 so far. Upside break above key barrier at 1.6470 is sought to confirm strength for possible attack at 1.6546, 31 May high. However, overbought hourly conditions may see corrective pullback, with 1.6300 area expected to hold, to maintain near-term bulls, otherwise, loss of 1.6300/1.6280 would signal an end of recovery phase.

Res: 1.6426, 1.6465, 1.6471, 1.6500
Sup: 1.6400, 1.6354, 1.6311, 1.6300




USD/JPY

Holds above 80.00 support, following yesterday’s upside rejection at 80.68. Fresh gains are looking for retest of 80.70, strong resistance, 27/31 May low / trendline drawn off 82.20, break of which is required to resume gains towards 81.00, possibly 81.30/76. Failure to clear 80.70 would signal return to 80.00 zone.

Res: 80.46, 80.70, 81.00, 81.31
Sup: 80.25, 80.10, 80.00, 79.68





USD/CHF

Trades in a narrow range after failure to clear strong resistance at 0.8450 triggered sharp fall to 0.8350 zone. This offers strong support for now, however, upside clearance of 0.8383 is needed to confirm near-term bottom at 0.8350. Otherwise, test of record low at 0.8325 and further weakness into 0.8300/0.8250 zone, would be the likely scenario in the coming hours.

Res: 0.8383, 0.8400, 0.8450, 0.8466
Sup: 0.8350, 0.8325, 0.8300, 0.8250