Short Term Technical Analysis for Majors (14:00 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. Current reversal seeks for a higher low, to signal further 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: 1.2272, 1.2312, 1.2352, 1.2381
Sup: 1.2174, 1.2153, 1.2110, 1.1980




GBP/USD

Extended 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. Immediate reversal has so far cleared some important supports, increasing risk for a reversal pattern. Loss of 1.4548 to confirm.

Res: 1.4769, 1.4780, 1.4797, 1.4816
Sup: 1.4548, 1.4468, 1.4437, 1.4399




USD/JPY

Left a higher low at 90.53 yesterday, ahead of fresh strength. Clearance of 91.61, previous high, has opened fresh strength through 91.83, 61.8% retracement of 93.63/88.95 decline, and currently attempting through 92.14, en-route to 92.94.

Res: 92.42, 92.64, 92.97, 93.65
Sup: 91.19, 90.86, 90.53, 90.19




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: 1.1601, 1.1655, 1.1694, 1.1730
Sup: 1.1505, 1.1467, 1.1449, 1.1417