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

[WindsorBrokers]

EUR/USD

Consolidation above 1.2515 resolves lower to print fresh annual lows below the latter. Risk is now seen of extension towards 1.2455 higher low next, with potential break here to target major pivotal low of 1.2331. Hourly reclaim of 1.2597/ 1.2610, however, eases immediate bear pressure.

Res: 1.2597, 1.2610, 1.2681, 1.2760
Sup: 1.2455, 1.2422, 1.2388, 1.2331




GBP/USD

The latest three legged correction to the downside is potentially corrective, with scope for a fresh leg higher towards the 23.6% retrace of the 1.7041/1.4475 fall, at 1.5081. Below 1.4475 weakens and under 1.4443 defers.

Res: 1.4705, 1.4719, 1.4743, 1.4815
Sup: 1.4514, 1.4475, 1.4443, 1.4397




USD/JPY

Pulling back from yesterday’s upper rejection of previous 93.54 high, to risk 92.18, where a swing low may emerge. Losing the latter, however, triggers deeper pullback at 91.64 and key 90.83.

Res: 93.14, 93.65, 93.98, 94.32
Sup: 92.47, 92.18, 91.84, 91.64




USD/CHF

Has broken out of minor bull flag to extend current upswing from 1.0923, 10 May higher low, with scope set towards 1.1244, last week’s rally high, posted on 06 May. A relapse back below 1.1075, however, weakens immediate tone.

Res: 1.1216, 1.1244, 1.1265, 1.1335
Sup: 1.1150, 1.1075, 1.1056, 1.1034