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

[WindsorBrokers]

EUR/USD

Recovery phase off 1.2151, 29 June low, stalled at 1.2304 yesterday near 61.8% retracement of 1.2398 to 1.2151 decline. A retest on 1.2151 is anticipated, ahead of an eventual break lower towards 1.2110/1.2045. 1.2305 offers initial resistance, ahead 1.2345, trendline resistance.

Res: 1.2304, 1.2318, 1.2343, 1.2360
Sup: 1.2192, 1.2151, 1.2110, 1.2075




GBP/USD

Breaks through 1.4917, trendline support off 1.4344, 08 Jun low. This now increases the probability of a push below key 1.4854 support, confirming a false break higher out of a daily wedge. Under 1.4854 to expose 1.4801.

Res: 1.4974, 1.5034, 1.5072, 1.5105
Sup: 1.4854, 1.4801, 1.4740, 1.4690




USD/JPY

Break below seven week triangle and a trendline support drawn off 84.80, Nov 2009 spike low, now signal further weakness. Market approaches 87.96, annual low and potential break here to pivot 87.36 next. Short term, attempt at 84.80 is not ruled out. 88.77 should cap above.

Res: 88.77, 88.91, 89.05, 89.50
Sup: 87.96, 87.36, 87.00, 86.60




USD/CHF

The latest break below 1.0728, 03 May low, risks further decline, with 1.0698 now under pressure. Break below here opens the path to 1.0609, 61.8% retracement of the 0.9916/1.1730 ascend. Regain of 1.0854 is needed to firm the near-term outlook.

Res: 1.0765, 1.0787, 1.0854, 1.0880
Sup: 1.0698, 1.0675, 1.0654, 1.0609