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

[WindsorBrokers]

EUR/USD

Holds the near-term strength off 1.4142, yesterday’s low, with pullback from 1.4371, overnight’s high, being contained by 4-hour 20 day MA at 1.4270. Fresh strength needs to clear 1.4371/80, previous high / bear trendline drawn off 1.4536, to signal an end of short-term downtrend from 1.4536 and open 1.4452 next. Failure under 1.4380, however, would risk fresh leg lower and continuation of bearish phase from 1.4536.

Res: 1.4371, 1.4380, 1.4403, 1.4452
Sup: 1.4265, 1.4257, 1.4234, 1.4200




GBP/USD

Improves the near-term tone after bounce from1.6223 extended gains through 1.6400 barrier, to post fresh high at 1.6438, ahead of pullback. Correction was so far contained at 1.6343, 20 day MA, with fresh gains under way and keeping the near-term positive structure in play. Clearance of 1.6438 to open key near-term resistance at 1.6474, above which would resume short-term bulls from 1.5779 and expose 1.6546, 31 May high. However, failure to clear 1.6438 would risk lower top and fresh near-term weakness.

Res: 1.6389, 1.6438, 1.6474, 1.6500
Sup: 1.6343, 1.6328, 1.6315, 1.6300




USD/JPY

Sharp bounce followed today’s intervention, as the pair was in a consolidative mode just above fresh record low at 76.28. Strong rally regained 79.00 mark, currently approaching strong resistance zone at 79.55/68, previous lows and range bottom, clearance of which to open way towards important 80.00 level, and possibly extend towards 81.00/50 zone. Extremely overbought near-term studies, however, suggest correction, with possible pullback to be contained above 78.00, to maintain current positive structure.

Res: 79.55, 79.68, 80.00, 80.25
Sup: 79.00, 78.70, 78.25, 78.03





USD/CHF

The recent recovery from the fresh record low at 0.7608 regained initial barrier at 0.7800, with signal of potential stronger recovery, as daily studies are extremely extended. Nest important barrier lies at 0.7855, above which to open 0.7900/55. Hourly 20 day MA at 0.7715 underpins the advance.

Res: 0.7800, 0.7855, 0.7904, 0.7955
Sup: 0.7756, 0.7696, 0.7663, 0.7634