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

[WindsorBrokers]

EUR/USD

Broke below key 1.3300/1.3267 levels yesterday to complete a 5 week bear flag. Next target stands at 1.3201, ahead of 1.3140/20 zone. Possible extension to 1.2884, 22 Apr 09 low is not ruled out. Corrections, for now, seen capped by 1.3322.

Res: 1.3282, 1.3322, 1.3356, 1.3422
Sup: 1.3201, 1.3190, 1.3140, 1.3120



GBP/USD

Reversal from yesterday’s 1.5472 high has the makings of head and shoulders top pattern and this shifts focus lower, targeting 1.5287/56 and 1.5216, trendline support. Only regain of 1.5520 will to negate current scenario.

Res: 1.5410, 1.5439, 1.5472, 1.5520
Sup: 1.5287, 1.5256, 1.5216, 1.5190




USD/JPY

Break above the corrective channel at 93.43 signals fresh strength. Market is currently firming off 92.72, 22 Apr low, to pressure resist at 93.77. A break here will firm tone further and open 94.25, ahead of a challenge on 94.7705 Apr high.

Res: 93.62, 93.77, 94.25, 94.38
Sup: 92.72, 92.56, 92.38, 92.10




USD/CHF

Broke above 1.0750 yesterday to complete a 2 month bull flag and clear a falling trendline off last November’s peak. This signals and confirms significant medium-term strength. 1.0899 anticipated first, then 1.1026. 1.0759 now buoys advance.

Res: 1.0848, 1.0898, 1.0940, 1.0956
Sup: 1.0759, 1.0724, 1.0674, 1.0658