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

[WindsorBrokers]

EUR/USD

Emerges above daily Ichimoku cloud, to confirm short-term bullish stance. Break above 1.4500 mark has so far reached 1.4536, en-route to strong resistance at 1.4576, 04 July high, above which to open 1.4695, 07 June high. Last Friday’s high at 1.4437 offers initial support for corrective dips, with higher platform at 1.4323 expected to contain.

Res:1.4500, 1.4536, 1.4552, 1.4576
Sup: 1.4479, 1.4455, 1.4437, 1.4416




GBP/USD

Extended fresh bull leg off 1.6260 higher platform, clearing 1.6400 barrier, to test 1.6440, 14 July high. Short-term bulls are looking for extension through 1.6440 to test 1.6470, 07 July high, as break above daily Ichimoku cloud confirms positive near-term structure. Corrective pullback on overbought hourly conditions faces good support at 1.6340/30 zone, previous high / 20 day MA and main trendline support at 1.6315, with reversal above here required to keep near-term bullish picture intact.

Res: 1.6440, 1.6471, 1.6500, 1.6546
Sup: 1.6370, 1.6340, 1.6330, 1.6300




USD/JPY

Continues to travel south, extending broader downtrend below 78.00 handle, to reach 77.63 low so far. Pre-intervention low at 76.32, posted on 16 Mar, remains in focus, however, extended daily studies suggest stronger correction before fresh leg lower. Significant resistance lies at 79.60 and only break here would improve short-term outlook.

Res: 78.00, 78.45, 78.67, 79.00
Sup: 77.50, 76.94, 76.32, 76.00





USD/CHF

Bears remain firmly in play as mild recovery followed yesterday’s dip under 0.8000 mark, was capped at 0.8040 zone. Fresh weakness is attempting again below 0.8000, with 0.7950/00 levels in sight. On the upside, 0.8040 and 0.8075, previous low / 20 day MA, cap for now.

Res: 0.8037, 0.8076, 0.8100, 0.8135
Sup: 0.7950, 0.7900, 0.7850, 0.7800