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

[WindsorBrokers]

EUR/USD

Attempts to build a recovery phase off 1.2142/53, 19/27 May double bottom, but only breakout of 1.2671, 21 May swing high, completes the bullish pattern. Until then, 1.2415/80 may obstruct gains for a lower top.

Res: 1.2394, 1.2415, 1.2445, 1.2480
Sup: 1.2280, 1.2242, 1.2203, 1.2153




GBP/USD

Recovery off 1.4230/57 was capped by 1.4606 yesterday, with reversal underway. Short-term bulls remain intact while trendline support, currently at 1.4462 holds. Otherwise, stronger correction into 1.4401/1.4365 is likely. Upside, clearance of 1.4606/39 is needed to open way for key 1.4719, break of which would resume recovery.

Res: 1.4606, 1.4639, 1.4702, 1.4719
Sup: 1.4462, 1.4447, 1.4401, 1.4365




USD/JPY

Firmed off 89.80 higher low, breaking through key 90.66/63 resistances. This firms the short-term recovery structure off 88.95 for gains towards 91.88, possibly 92.14 on a break. Reversal below 90.66/20 ends recovery and risks 89.91/58 instead.

Res: 91.54, 91.86, 92.14, 92.42
Sup: 90.66, 90.19, 89.91, 89.80




USD/CHF

Shallow correction from 1.1694, 25 May yearly high, precedes a likely push higher to challenge 1.1785, trendline drawn off Feb 2006 high. Support at 1.1449 now keeps immediate bulls in play, with break above 1.1655 needed to confirm fresh swing higher.

Res: 1.1655, 1.1694, 1.1725, 1.1742
Sup: 1.1481, 1.1449, 1.1417, 1.1402