Short Term Technical Analysis for Majors (08:30 GMT)

[WindsorBrokers]

EUR/USD

Has met and exceeded the 38.2% retracement of the 1.5144/1.1875 fall at 1.3125. Break above the resistance of a rising daily wedge warns of a pullback. However, while holding above 1.3090, bulls remain favored.

Res: 1.3265, 1.3325, 1.3365, 1.3417
Sup: 1.3140, 1.3105, 1.3090, 1.3050




GBP/USD

Persistent strength looks set to target the 61.8% retracement of the 1.7041/1.4230 fall at 1.5968. Failure to meet resistance near 1.5968 opens up 1.6070, 03 Feb high, next. However, overbought hourly conditions warn of a pullback.

Res: 1.5968, 1.6010, 1.6027, 1.6070
Sup: 1.5865, 1.5829, 1.5805, 1.5780




USD/JPY

Today’s break under 86.20 negates the series of rising lows seen from last Friday's 85.95 rejection low. With fresh annual lows now being printed, this opens up the equality projection at 82.30.

Res: 86.70, 86.89, 86.97, 87.17
Sup: 85.86, 84.80, 84.00, 83.51




USD/CHF

A possible diamond formation is developing in an hourly timeframe warning of a possible basing formation. However, a break under the trend-line from yesterday's low at 1.0314, currently at 1.0365, may negate this pattern.

Res: 1.0458, 1.0480, 1.0536, 1.0578
Sup: 1.0344, 1.0317, 1.0293, 1.0231