Short Term Technical Analysis for Majors (14:30 GMT)

[WindsorBrokers]

EUR/USD

Extended decline to reach fresh multi-year low of 1.2142 yesterday, just ahead of key 1.2134 level, 50% retracement of 0.8225/1.6039 ascend. A correction has followed and 1.2443 possibly caps this phase for a fresh weakness towards 1.2134, where an eventual break is favored. Clearance of 1.2443 opens 1.2514/34 instead.

Res: 1.2443, 1.2465, 1.2514, 1.2534
Sup: 1.2306, 1.2256, 1.2228, 1.2142




GBP/USD

Consolidation above 1.4235 and possible attempt at 1.4517/47 have failed at 1.4465, with loss of 1.4273 support now returning focus to the downside. 1.4235 offers initial support, and break there to extend medium-term weakness towards 1.4109, 30 Mar 2009 low. Regain of 1.4465 would delay immediate bears, while break above 1.4547 needed to improve.

Res: 1.4465, 1.4497, 1.4517, 1.4547
Sup: 1.4235, 1.4200, 1.4155, 1.4109




USD/JPY

Continues to trend lower off 93.50/64 double top area that ended the recovery leg off 87.96, yearly low, posted on 06 May. Today’s break through a series of supports now attempting through 89.70, with scope seen for final push towards 87.96, 06 May spike low. Only regain 91.86/92.25 delays.

Res: 91.86, 92.25, 92.43, 92.95
Sup: 88.85, 87.96, 87.75, 87.36





USD/CHF

Maintains positive tone as the market climbs toward a long-term falling trendline at 1.1785. Lower spike rejection yesterday at 1.1417 confirms trend. Initial target now stands at 1.1675, while 1.1449 provides immediate support.

Res: 1.1584, 1.1605, 1.1675, 1.1700
Sup: 1.1449, 1.1417, 1.1402, 1.1377