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

[WindsorBrokers]

EUR/USD

Rally from 1.2208 and 1.2252 stalled at 1.2398 yesterday, ahead of reversal. Break below 1.2290, trendline support, and 1.2252 confirms 1.2468 as a key lower top, with scope for retest of key near-term supports1.2208 and 1.2162. Upside attempts should be capped by 1.2295.

Res: 1.2295, 1.2318, 1.2343, 1.2398
Sup: 1.2208, 1.2162, 1.2110, 1.2075




GBP/USD

Broke above 1.5031, 61.8% retracement of the 1.5523/1.4230 fall, to reach a fresh high of 1.5127 yesterday, ahead of reversal. This is so far seen corrective, while 1.5015 support holds, for fresh push higher, to target 1.5127/49. yesterday/06 May high. Loss of 1.5015, however, to risk deeper correction and open key 1.4854 support.

Res: 1.5127, 1.5149, 1.5174, 1.5188
Sup: 1.5044, 1.5015, 1.4973, 1.4914




USD/JPY

Breaks lower through a 7 month rising trendline at 88.95 to confirm potential for further weakness. Negative hourly studies confirm bear structure and 87.96 marks the next downside target, though oversold conditions suggest correction. 89.05 offer immediate resistance, ahead of 89.50/76, break of which is required to ease bear pressure.

Res: 89.05, 89.50, 89.76, 89.97
Sup: 88.95, 88.14, 87.96, 87.36




USD/CHF

Last week bear flag triggered a fresh weakness that has broken under 1.0924, 10 May low, and 1.0841, 04 May low to reach 1.0815 low so far. Risk is now seen for test of 1.0728/1.0698, 03 May/ 27 Apr lows, while 1.0937 caps.

Res: 1.0894, 1.0937, 1.0958, 1.0981
Sup: 1.0815, 1.0728, 1.0698, 1.0674