Short Term Technical Analysis for Majors (08:00 GMT)

[WindsorBrokers]

EUR/USD

Corrective bounce off 1.3416, 19 Apr low, stalled at 1.3520 yesterday, just under 38.2% retracement of 1.3691/1.3416 decline. Fresh decline is now under way, as market clears 1.3416, break through 1.3366/40 would target key near-term trendline support at 1.3300. Lower top is seen preceding downmove. Only break above 1.3520 firms.

Res: 1.3448, 1.3501, 1.3520, 1.3544
Sup: 1.3397, 1.3366, 1.3340, 1.3300




GBP/USD

Daily structure may have seen the completion of a three legged correction off 1.4780, 2010 low, posted on 01 Mar. Further resistance to strength may be provided by 1.5463, daily trendline resistance, drawn off 1.6456, 19 Jan yearly high, ahead of 1.5520 15 Apr peak.

Res: 1.5410, 1.5431, 1.5448, 1.5472
Sup: 1.5330, 1.5287, 1.5256, 1.5190




USD/JPY

Correction off 94.77, 05 Apr high, dipped to 91.58, ahead of strong bounce. Clearance of 93.10/18, previous peak/trendline resistance, now focuses 93.51/77, possibly 94.25 on a break. 92.50 area supports the advance for now.

Res: 93.39, 93.51, 93.77, 94.25
Sup: 92.95, 92.56, 92.10, 91.58




USD/CHF

Remains constructive off 1.0500, 14 Apr low, with yesterday's higher rejection at 1.0600 now underpinning a fresh attempt at 1.0750/61. Clearance here projects significant near-term gains. Loss of 1.0620/00, however, weakens the outlook.

Res: 1.0689, 1.0713, 1.0750, 1.0761
Sup: 1.0658, 1.0620, 1.0600, 1.0586