Short Term Technical Analysis for Majors (07:15 GMT)

[WindsorBrokers]

EUR/USD

Fresh strength emerged 1.4328, last Friday’s low, just above the main bull trendline, to clear key barriers at 1.4516/36 and post fresh 7-weeks highs. Immediate upside target lies at 1.4576, 04 July high, above which to focus 1.4695, 07/08 June peaks. Near-term studies remain supportive but extended hourly conditions warn of corrective pullback preceding fresh rally. Initial support lies at 1.4500, while only loss of 1.4465, today’s low, may soften immediate bull tone and allow for stronger reversal.

Res: 1.4550, 1.4576, 1.4600, 1.4651
Sup: 1.4500, 1.4465, 1.4425, 1.4400




GBP/USD

Trades in a near-term corrective mode, following the latest losses from 1.6617, that broke below main trendline support and extended to 1.6200 zone, where a support was found. Strong rally from here has so far regained 1.6400, previous high, to retrace nearly 50% of 1.6617/1.6207 downleg. Nest targets lie at 1.6420/50 and 1.6460/75, Fib 61.8% / trendline resistance, above which to signal resumption of the broader uptrend and re-focus 1.6532. Upside rejection under 1.6475, however, would risk lower top and possible extension of near-term weakness. Initial supports lie at 1.6340/20 zone.

Res: 1.6420, 1.6446, 1.6460, 1.6475
Sup: 1.6362, 1.6340, 1.6320, 1.6280




USD/JPY

Break above range ceiling at 77.00/20 was short-lived, as failure to sustain gains resulted in stall at 77.68 and subsequent reversal brought the pair back to the levels below 77.00, where near-term support was found at 76.90. Break above 77.00 is required to keep hopes of fresh recovery alive, with regain of 77.68/78.00 zone to confirm. Otherwise, extension of nearly two weeks sideways range trading would be the likely scenario.

Res: 76.79, 77.06, 77.26, 77.45
Sup: 76.60, 76.46, 76.30, 76.00





USD/CHF

Extends the short-term recovery from 0.7067 historical low, after emerging out of two-week narrow range, breaking above trendline resistance at 0.8034, to hit fresh highs above 0.8100. Short-term studies favor further upside extension, as break above daily 55 day MA, looks for test of resistance at 0.8276, 19 July high. Initial supports lie at 0.8110/0.8073.

Res: 0.8155, 0.8200, 0.8246, 0.8276
Sup: 0.8110, 0.8073, 0.8013, 0.7955