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

[WindsorBrokers]

EUR/USD

Surged through 1.2153/34 key supports yesterday, to post fresh annual low at 1.2110, ahead of strong bounce to 1.2352. Reversal off here is now under way, with higher low required to maintain recovery, and clearance of 1.2352 to open 1.2451 next. Failure to do so, risks retest of 1.2110 and resumption of underlying bear-trend, to target 1.1823/1.1640, 2006/2005 lows, medium-term.

Res: 1.2244, 1.2300, 1.2334, 1.2381
Sup: 1.2153, 1.2110, 1.1980, 1.1952




GBP/USD

Extends rally off 1.4437, yesterday’s higher low, to retrace over 61.8% of 1.5044/1.4230 downleg, and reaching 1.4769 high today, just ahead of key 1.4780/1.4800 March lows. Break here is required to resume recovery. 1.4628 underpins for now and only loss here to trigger stronger reversal.

Res: 1.4769, 1.4780, 1.4797, 1.4916
Sup: 1.4644, 1.4625, 1.4610, 1.4548




USD/JPY

Left a higher low at 90.53 yesterday, ahead of fresh strength. Clearance of 91.61, previous high, has so far seen 91.77, with upside break of 91.83, 61.8% retracement of 93.63/88.95 decline, needed to resume recovery off 88.95, towards 92.14/94. Downside, 90.53 now underpins.

Res: 91.77, 91.83, 92.14, 92.42
Sup: 90.86, 90.53, 90.19, 89.91




USD/CHF

Reached a fresh annual high at 1.1730 yesterday, before sharp correction lower to 1.1467, just above the key 1.1449 support. Fresh gains now look for retest of 1.1730, break of which will target key trendline resistance at 1.1774. Only loss of 1.1449 risks a deeper near-term weakness.

Res: 1.1593, 1.1655, 1.1694, 1.1730
Sup: 1.1505, 1.1467, 1.1449, 1.1417