Short Term Technical Analysis for Majors (06:50 GMT)

[WindsorBrokers]

EUR/USD

Yesterday's break out of a four hourly rising channel that failed to hold now warns of a false break higher and the initiation of a corrective phase. Risk of a pullback to Monday's 1.3054 weekly low (nr 38.2% of 1.2732 upleg).

Res: 1.3183, 1.3242, 1.3262, 1.3300
Sup: 1.3090, 1.3054, 1.3027, 1.3002




GBP/USD

Although a re-test of the recent 1.5968 high remains possible, over-bought conditions warn of a relapse, with the formation of an hourly head and shoulders top (triggered under yesterday's low at 1.5857).

Res: 1.5913, 1.5945 1.5968, 1.6010,
Sup: 1.5829, 1.5805, 1.5780, 1.5723




USD/JPY

Wed's piercing candle pattern marks key reversal day with scope for recovery at 86.72 (50% of 88.12/85.32 fall) and weekly high of 86.89. Dips seek a swing high towards previous hourly lower high at 85.91.

Res: 86.46, 86.65, 86.89, 87.17
Sup: 85.00, 85.32, 85.56, 85.70




USD/CHF

The hourly diamond type formation seen over recent sessions has acted as a reasonable short term base, fueling a recovery rally above the 1.0477 lower top. Scope is set at 1.0640, 200-day MA and key 1.0676/97 resistance band.

Res: 1.0536, 1.0565, 1.0578. 1.0623
Sup: 1.0477, 1.0413, 1.0381, 1.0348