Short Term Technical Analysis for Majors (08:30 GMT)

[WindsorBrokers]

EUR/USD

Corrective rally from 1.3266, 25 Mar low, has cleared 1.3505, yesterday’s peak, en-route to 1.3540, 50% of 1.3816/1.3266 downleg and key 1.3570 lower ceiling. 1.3433/15 offer initial support, while loss of 1.3375/45 to end recovery phase and focus 1.3266.

Res: 1.3489, 1.3505, 1.3540, 1.3570
Sup: 1.3540, 1.3570, 1.3605, 1.3630




GBP/USD

Continue to correct 1.5380/1.4797 downleg, with today’s clearance of 1.5018 high, now approaching 1.5087, 50% retracement. Above there, 1.5145, trendline resistance is a key level and potential break there to resume correction and open 1.5111 next. Regain of 1.5380, however, is required to neutralize bears. 1.4975/55 offer initial support, ahead of key 1.4890, yesterday’s low.

Res: 1.5087, 1.5111, 1.5165, 1.5204
Sup: 1.5018, 1.4975, 1.4955, 1.4890




USD/JPY

Remains in consolidation mode, following break through 91.74, two years falling trendline and 92.13, previous high, to reach 92.94 high on 25 Mar. Focus remains on 93.09/75, 50% retracement of the broader 101.43/84.80 decline, 92.11/91.75 zone underpins.

Res: 92.71, 92.96, 93.09, 93.39
Sup: 92.11, 91.75, 91.50, 91.33




USD/CHF

Reversal 1.0749, 25 Mar high, has so far found support at 1.0585/75, trendline support, with further dips to 1.0557 not ruled out, but loss of key 1.0545 to trigger near-term weakness. Upside clearance of 1.0661 to firm the tone for 1.0749 test.

Res: 1.0661, 1.0688, 1.0702, 1.0722
Sup: 1.0585, 1.0575, 1.0545, 1.0505