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

[WindsorBrokers]

EUR/USD

Broke above 1.2738 to extend gains to 1.2776 so far, with focus on 1.2789, rising channel top and 1.2801, 11 May high. Break here to open 1.2843, 50% retracement of 1.3816/1.1875 downleg next. Below, 1.2680 offers initial support and potential loss here to open way towards key 1.2522, 13 July low.

Res: 1.2776, 1.2801, 1.2843, 1.2880
Sup: 1.2707, 1.2680, 1.2648, 1.2613




GBP/USD
Extends rally of 1.4947/63, to briefly break above 1.5289, en-route to key 1.5304, 38.2% retracement of 1.7041/1.4230 descend. Break here to trigger further gains towards 1.5390, 30 Apr high next, though, risk of forming lower top still exists, as longer term structure is negative. Only break above 1.5500/25 to improve the outlook.

Res: 1.5296, 1.5304, 1.5345, 1.5390
Sup: 1.5201, 1.5187, 1.5143, 1.5085




USD/JPY

Renewed strength from 88.01 higher low, stalled at 89.10, just under 89.14, 12 July high, ahead of reversal. Break below trendline support at 88.30 and 88.01 now confirms double top, to resume underlying downtrend. 87.62 is seen next, ahead of key 87.01/86.96 support area. Above, 88.40/62 expected to cap for now.

Res: 88.39, 88.62, 88.93, 89.02
Sup: 87.62, 87.34, 87.01, 86.96




USD/CHF

Continues to slide lower, following recovery failure at 1.0675. Today’s break below 1.0513 support, now approaches 1.0480, break of which would open way for test of key 1.0433, 01 Apr low, support. Upside regain of 1.0583/1.0617 is needed to ease immediate bear pressure.

Res: 1.0560, 1.0583, 1.0617, 1.0645
Sup: 1.0480, 1.0433, 1.0400, 1.0365