Short Term Technical Analysis for Majors (08:00 GMT)

[WindsorBrokers]

EUR/USD
Rally from 1.2208 and 1.2252 stalled at 1.2398, ahead of reversal. Loss of 1.2290, trendline support, and 1.2252, confirms 1.2468 as a key lower top. Yesterday’s brief break below 1.2162 found temporary foothold at 1.2151, ahead of bounce. 1.2295 now caps for fresh push lower to target 1.2110.

Res: 1.2252, 1.2295, 1.2318, 1.2343
Sup: 1.2151, 1.2110, 1.2075, 1.2045




GBP/USD
Past two days trading action saw a break above the resistance of a daily rising wedge formation. This has failed to lead to continuation with an hourly head and shoulders formation developing instead. Break below the neckline at 1.5010 to trigger fresh weakness towards 1.4960, while lift above 1.5127 is required to resume recovery.

Res: 1.5105, 1.5127, 1.5149, 1.5174
Sup: 1.5010, 1.4973, 1.4960, 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, with 88.28 seen so far. 88.91/89.05 zone offer immediate resistance, ahead of 89.50/76, break of which is required to ease bear pressure.

Res: 88.91, 89.05, 89.50, 89.76
Sup: 88.28, 87.96, 87.36, 87.00




USD/CHF

Attempted below the 50% retracement of 0.9916/1.1730 upleg at 1.0823, to reach 1.0800 thus far and attract further losses towards 1.072803 May low, next. Regaining 1.0903/37 now needed to neutralize the immediate bear tone.

Res: 1.0880, 1.0903, 1.0937, 1.0958
Sup: 1.0800, 1.0728, 1.0698, 1.0674