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

[WindsorBrokers]

EUR/USD

Continues to trend lower, after breaking 1.2610, to complete a bear flag. Key 1.2331 pivot has been cleared, and market now looks for test of 1.2134, 50% retracement of 0.8225/1.6040 ascend. Potential break here below opens 1.1826, 27 Feb 06 low, next. Immediate resistance now stands at 1.2372.

Res: 1.2372, 1.2407, 1.2441, 1.2514
Sup: 1.2233, 1.2208, 1.2169, 1.2134




GBP/USD

Today’s clear break under the recent 1.4475 low now triggers a potential substantial extension lower, with 1.4245 seen so far. Hourly structure remains negative while below 1.4640, with scope for further losses, and under 1.4245 to target 1.37/1.36 zone near-term..

Res: 1.4440, 1.4473, 1.4491, 1.4504
Sup: 1.4245, 1.4200, 1.4155, 1.4110




USD/JPY

Remains weak from the 93.50/64 double top area that ended the recovery leg off 87.96, yearly low, posted on 06 May. Below 91.50 will fuel the decline to 90.83 first, possibly 90.00 on a break. 92.42/68 should cap attempts higher.

Res: 92.42, 92.68, 93.14, 93.65
Sup: 91.64, 91.50, 90.83, 90.00




USD/CHF

Breach of 1.1245 pivot has focused 1.1484, 76.4% retracement of 1.1966/0.9916 decline, with 1.1444 reached thus far. Further gains would open 1.1500/46 zone next. Today's low at 1.1318 now provides a higher platform. Medium-term, bulls remain favored, targeting to 1.1742/80 area.

Res: 1.1444, 1.1484, 1.1500, 1.1546
Sup: 1.1318, 1.1258, 1.1244, 1.1188