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

[WindsorBrokers]

EUR/USD

Recovery attempt from 1.4320, 13 May low, has ran out of steam on approach to 1.4500 barrier, with subsequent pullback losing near-term bull channel support and 1.4400 handle, to break below 1.4377, yesterday’s higher low and Fib 61.8% of 1.4320/1.4496 upleg, and test 1.4368, main trendline, connecting 1.3968 and 1.4320 lows, loss of which would signal an end of recovery phase from 1.4320 and re-focus 1.4320/00, strong support zone.

Res: 1.4377, 1.4400, 1.4428, 1.4450
Sup: 1.4345, 1.4320, 1.4300, 1.4256




GBP/USD

Renewed attempt towards key near-term barrier at 1.6470 has lost traction at 1.6440, sliding below 1.6375/50, to test 1.6330/20 zone, Fib 50% / 07 June low/20 day MA, ahead of 1.6300/1.6280, Fib 61.8% / 13 June higher low. Loss of the latter would confirm lower high at 1.6440 and open way for retest of 1.6215, key near-term support. Only regain of 1.6380/90 zone would ease immediate bear pressure.

Res: 1.6376, 1.6393, 1.6427, 1.6440
Sup: 1.6327, 1.6300, 1.6280, 1.6251




USD/JPY

Break below daily Ichimoku cloud keeps the wider picture in the negative territory, while near-term structure maintains positive tone off 79.68, 08 June low. Gains were so far capped at 80.70, strong resistance level, also main trendline, connecting 82.20/81.76 highs, with break here sought to resume recovery and open 81.00/30 next, ahead of possible attempt at 81.76, key lower top. On the downside, 20 day MA at 80.33 and psychological 80.00 level, underpin.

Res: 80.70, 81.00, 81.31, 81.76
Sup: 80.37, 80.12, 80.00, 79.68





USD/CHF

Extends the near-term recovery from 0.8325/45 lows, breaking through 0.8450/70 barriers, en-route to 0.8544/50, 31 May high/04 May low. Break here would confirm near-term base and open way for stronger recovery, with trendline resistance at 0.8660 seen on a break. On the downside, 0.8450/40 zone offers immediate support, with dynamic support at 0.8420, 20 day MA, underpinning the advance.

Res: 0.8500, 0.8544, 0.8550, 0.8600
Sup: 0.8466, 0.8455, 0.8440, 0.8420