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

[WindsorBrokers]

EUR/USD

Trades in a corrective mode after yesterday’s loss of key support levels extended losses to post fresh 4-month low at 1.3836. Corrective bounce has so far reached 1.4053, with current sideways trading at 1.4000 zone. Overall tone remains negative, with lower top seen under 1.4100, ahead of fresh leg lower. Levels to watch at the downside are: 1.3950, 1.3900 and 1.3836, below which to focus 1.3750. On the upside, immediate barrier lies at 1.4053/73, while 1.4100, previous low / 20 day MA, caps for now.

Res: 1.4053, 1.4073, 1.4100, 1.4165
Sup: 1.3950, 1.3900, 1.3836, 1.3800





GBP/USD

Correction off yesterday’s low at 1.5780 is congested at 1.5950 zone, as 20 day MA limits the upside for now. However, near-term outlook is regaining momentum and further recovery is not ruled out, with key near-term barrier at 1.6045, 200 day MA, expected to cap. On the downside, 1.5750 remains in focus.

Res: 1.6000, 1.6045, 1.6077, 1.6100
Sup: 1.5903, 1.5880, 1.5824, 1.5780




USD/JPY

Has accelerated losses after breaking below key supports at 79.68/55 and 79.00, to spike to fresh 4-month low at 78.45. This confirms an extension of the broader downtrend from 85.50 and open way for possible retest of 76.32, 16 Mar, pre-intervention low. Corrective attempts are seen capped at 80.00 for now.

Res: 79.55, 79.68, 80.00, 80.25
Sup: 79.30, 79.11, 78.45, 78.00





USD/CHF

Recovery attempt from 0.8328 was short-lived, as gains were capped just under 0.8400 barrier and subsequent weakness extended losses to nearly fully retrace the recent 0.8273/0.8524 corrective phase. This brings bears fully in play for fresh leg lower, with 0.8200/0.8160 seen next. On the upside, regain of 0.8328 is needed to ease immediate bear pressure.

Res: 0.8300, 0.8328, 0.8365, 0.8400
Sup: 0.8285, 0.8279, 0.8273, 0.8250