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

[WindsorBrokers]

EUR/USD

Upside rejection of the corrective attempt off 1.2233 multi-year low has stalled at 1.2443 yesterday, ahead of fresh weakness. Bears broke through 1.2233 to attempt at 1.2134, 50% retracement of 0.8225/1.6040 upleg, with 1.2142 being reached so far. Below here to focus 1.2076/65, Apr 2006 lows, with 1.2280/1.2314 expected to cap corrective attempts.

Res: 1.2233, 1.2280, 1.2314, 1.2336
Sup: 1.2142, 1.2134, 1.2076, 1.2065




GBP/USD

Hourly structure present since 1.5052, 10 May high, continues to suggest scope for further weakness, potentially towards 1.3700, 12 Mar 2009 low. Upside, regain of 1.4517, 18 May high, is required to neutralize immediate bears.

Res: 1.4407, 1.4457, 1.4517, 1.4547
Sup: 1.4235, 1.4220, 1.4200, 1.4155




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. Dips under 91.75 so far tested 91.50, and opening way towards 90.83, possibly 90.00 on a break. Regain of a near-term pivot at 92.95 is now required to shift the focus higher.

Res: 92.42, 92.95, 93.14, 93.64
Sup: 91.50, 90.83, 90.57, 90.00




USD/CHF

Correction off 1.1444, 17 May high, reversed to 1.1266 before breaking the corrective channel. Upswing has breached 1.1444/84 resistances to focus 1.1605 next. Short-term, key 1.1780 trendline resistance is focused. 1.1444 now offers initial support.

Res: 1.1533, 1.1605, 1.1675, 1.1700
Sup: 1.1444, 1.1402, 1.1377, 1.1266