Short Term Technical Analysis for Majors (09:00 GMT)

[WindsorBrokers]

EUR/USD

The latest push lower has taken out 1.2885, 22 Apr higher low to extend losses to 1.2736 thus far, within a falling channel off 1.4580 yearly high. Downside risk is seen to channel support at 1.2695, while regain of 1.2857/1.2906 is needed to strengthen.

Res: 1.2857, 1.2906, 1.2945, 1.2996
Sup: 1.2736, 1.2695, 1.2680, 1.2616




GBP/USD

Break under 1.5075, 61.8% retracement of the 1.4797/1.5523 upleg, confirms the negative structure in place already. 1.5011 low has been reached today, with return to 1.4797 now very likely. Further losses on break of 1.4797/80 are not ruled out. Regain of 1.5389 is needed to improve.

Res: 1.5066, 1.5146, 1.5172, 1.5186
Sup: 1.5011, 1.4975, 1.4929, 1.4888




USD/JPY

Hourly double top at 94.97, posted on04/05 May, sparked a corrective dip under 94.32, to clear 93.51 spike low, to hit 93.28 today. This suggests a deeper setback towards 92.80, before underlying bulls attempt to reassert. Break above 94.00 firms tone.

Res: 93.98, 94.31, 94.48, 94.97
Sup: 93.28, 92.97, 92.80, 92.72




USD/CHF

Monday’s break above the corrective triangle has pushed the market up through 1.0925/1.1021/1.1180 resistance, to reach 1.1244 high so far. Near-term studies remain stretched as the market now looks for test of 1.1262, with correction likely. 1.1103/1.1021 should hold dips.

Res: 1.1244, 1.1262, 1.1335, 1.1365
Sup: 1.1150, 1.1103, 1.1021, 1.1000