Short Term Technical Analysis for Majors (14:10 GMT)

[WindsorBrokers]

EUR/USD

Reversal off 1.2468, 21 June high found support at 1.2208 yesterday, ahead of bounce, with 1.2350 seen so far, just below key 1.2353 resistance. Break here is required to sustain recovery for retest of 1.2468, otherwise, forming a lower top and fresh weakness would be likely scenario. Break below 1.2208 to expose 1.2162 next.

Res: 1.2353, 1.2398, 1.2415, 1.2468
Sup: 1.2243, 1.2208, 1.2162, 1.2110




GBP/USD

Continues to channel higher, with the latest push off 1.4686, 22 June higher low, breaking through 1.4935/41 resistance zone, to post fresh high at 1.5012 today. Scope is now seen for test of 1.5030, 61.8% retracement of 1.5523/1.4230 decline; 1.5044/52, 12/10 May highs and final attempt at 1.5060, upper channel boundary. Channel support lies at 1.4760.

Res: 1.5012, 1.5030, 1.5044, 1.5052
Sup: 1.4930, 1.4849, 1.4813, 1.4801




USD/JPY

Continues to trend lower off 91.47, 21 June key lower top. Today’s break below 89.72 support, focuses 89.21, 25 May low, next. Below here to focus 88.95, medium-term trendline/20 May low, and 87.96, 20 May annual low. 89.97/90.32 should cap for now.

Res: 89.97, 90.32, 90.59, 90.78
Sup: 89.21, 88.95, 88.14, 87.96




USD/CHF

Spiked lower, to post fresh 5 weeks low at 1.0995 on 21 June, before bouncing. A bear flag has now been completed and this suggests a drop below 1.0995 to test 1.0924, 10 May low/ near 61.8% retracement of 1.0435/1.1730 upleg. Clearance above 1.1136/54 needed to defer.

Res: 1.1136, 1.1154, 1.1225, 1.1249
Sup: 1.1019, 1.1007, 1.0995, 1.0924