Short Term Technical Analysis for Majors (09:30 GMT)

[WindsorBrokers]

EUR/USD

Latest sell-off from 1.3816 has finally broke below 1.3433, past four weeks range bottom, to open way for fresh weakness. Next targets stand at 1.3423 and 1.3339, May 2009 lows. Correction on oversold hourly studies is likely, with 1.3568 expected to cap.

Res: 1.3444, 1.3462, 1.3480, 1.3502
Sup: 1.3423, 1.3339, 1.3245, 1.3190




GBP/USD

Positive structure off 1.4930, 22 Mar low, suggests a final leg higher before the formation of a lower high and a possible retest of 1.4780 yearly low. Regain of 1.5207, 61.8% retracement of 1.5380/1.4930 decline, however would open fresh strength.

Res: 1.5018, 1.5051, 1.5086, 1.5111
Sup: 1.4930, 1.4871, 1.4855, 1.4780




USD/JPY

Fresh strength off 89.82, 22 Mar higher low, has cleared 90.76/79 resistances, to dent 91.08 key level. Clear break here would trigger upside extension towards 92.13, 19 Feb high, next. Only reversal under 89.74 would weaken current structure.

Res: 91.27, 91.38, 91.90, 92.13
Sup: 90.79, 90.35, 90.12, 89.74




USD/CHF

Triangular consolidation from 1.0505, 17 Mar low broke above key resistance, with 1.0700 being reached so far. Near-term structure remains positive and potential break above 1.0729, 11 Mar high to spark a recovery to 1.0805/10 next. 1.0637/09 now offers initial support.

Res: 1.0729, 1.0810, 1.0898, 1.0940
Sup: 1.0660, 1.0637, 1.0609, 1.0534