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

[WindsorBrokers]

EUR/USD

Extends the latest upleg from 1.2151 higher low, with yesterday’s lower rejection at 1.2477 and today’s clearance of 1.2610, last Friday’s low, now focusing 1.2671, 21 May high. Break here is required to resume recovery and expose 1.2704, trendline off 1.5140 and 1.2738 next. Downside, 1.2477 offers initial support, ahead of 1.2396, break of which may delay.

Res: 1.2671, 1.2704, 1.2738, 1.2760
Sup: 1.2562, 1.2508, 1.2477, 1.2432




GBP/USD

Yesterday's failure to break over 1.5228 triggered immediate pullback. This is currently approaching 1.5080, break of which will open 1.5000, channel support. Holding above the latter, however, keeps an upside attempt at 1.5228/1.5304 in play.

Res: 1.5162, 1.5210, 1.5228, 1.5265
Sup: 1.5080, 1.5041, 1.5000, 1.4974




USD/JPY

A bear flag is forming for the next leg lower and below 86.96 to test 86.15, 01 Dec 2009 low. Earlier long-term trendline break continues to focus 84.84/83.30 further out. Above, 88.05 offers immediate resistance and break here would delay.

Res: 87.32, 87.66, 88.05, 88.22
Sup: 86.96, 86.60, 86.15, 85.86




USD/CHF

Has completed a 3 day bear flag as the market continues to trend lower towards key supports at 1.0503 and 1.0435. Lower highs at 1.0655/75 are expected to cap, while break above 1.0695 signals possible basing.

Res: 1.0655, 1.0675, 1.0695, 1.0749
Sup: 1.0561, 1.0528, 1.0503, 1.0435