Short Term Technical Analysis for Majors (08:15 GMT)

[WindsorBrokers]

EUR/USD
Retains negative structure while holding below 1.2671, 21 May lower top. The latest push higher off 1.2153 stalled at 1.2451 on Friday, with subsequent pullback extending losses under 1.2281 support and neutralizing near-term recovery attempt. Focus is now at 1.2259, break of which opens 1.2202/1.2153, ahead of key support zone at 1.2142/34. Back above 1.2451 to revive recovery.

Res: 1.2381, 1.2393, 1.2451, 1.2480
Sup: 1.2259, 1.2202, 1.2153, 1.2142




GBP/USD
Recovery off 1.4230/57 stalled at renewed attempt at 1.4610 on Friday, ahead of reversal. Break through 1.4460, trendline support, has triggered decline to 1.4399 thus far. Higher low above 1.4257 is required to keep bulls in play, though, only clearance of 1.4610 would resume rally. Otherwise, stronger correction into 1.4365/1.4257 and final attempt through 1.4230 would be likely scenario.

Res: 1.4527, 1.4592, 1.4610, 1.4639
Sup: 1.4441, 1.4399, 1.4365, 1.4329




USD/JPY

Further retracement of 93.62/88.95 fall to 91.85, 61.8% retracement / 20 May high, is likely while trading above 90.58. Gains are temporary and recoil below 89.80/69, 27 May low / trendline support, would trigger fresh weakness towards 88.95.

Res: 91.61, 91.86, 92.14, 92.42
Sup: 90.58, 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 1.1479/49 now keeps immediate bulls in play, with break above 1.1655 needed to confirm fresh swing higher.

Res: 1.1623, 1.1655, 1.1694, 1.1725
Sup: 1.1522, 1.1479, 1.1449, 1.1417