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

[WindsorBrokers]

EUR/USD

Extends recovery from 1.1875, fresh four year low, posted on 07 Jun, with immediate resistance now standing at 1.2215. Break here will open 1.2272, 50% retracement of 1.2671/1.1875 downleg. 1.2110 now offers initial support, while loss of 1.2045 would trigger fresh bears.

Res: 1.2215, 1.2272, 1.2325, 1.2355
Sup: 1.2110, 1.2074, 1.2045, 1.2010




GBP/USD

Latest consolidation in a daily time frame is likely part of a larger bearish continuation pattern. A break below 1.4501, last Friday's low, will increase bearish sentiment and open 1.4344 first, ahead of possible extension to 1.4257/30, while upside clearance of 1.4769 strengthens the tone for 1.4874 next.

Res: 1.4758, 1.4769, 1.4793, 1.4860
Sup: 1.4550, 1.4539, 1.4501, 1.4476




USD/JPY

Break of last week’s 4 day wedge break has signaled a fresh strength to pressure 92.07. Clearance here opens two trendline at 92.33 and 92.59, with break above these levels expected to trigger a near-term bull phase towards 92.87/94. Loss of 91.21 support, however, turns the focus lower.

Res: 92.07, 92.20, 92.43, 92.87
Sup: 91.59, 91.21, 90.85, 90.83




USD/CHF

Upswing off the lower shallow corrective channel from 1.1730, fell just shy of 1.1553 resistance, ahead of fresh weakness. This now suggests further near-term congestive trade, with 1.1396/70 expected to hold. Break above 1.1545/54 is needed to firm and open 1.1602 next.

Res: 1.1502, 1.1533, 1.1553, 1.1602
Sup: 1.1396, 1.1375, 1.1325, 1.1300