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

[WindsorBrokers]

EUR/USD
Near-term outlook keeps focus to the downside while 1.3423 holds, and potential break here to resume recovery from 1.3054 higher low. Key resistance lies at 1.3497, with break here required to spark fresh bulls. Downside remains supported by 1.3085/54, ahead of key 1.2968 support.

Res: 1.3394, 1.3423, 1.3440, 1.3497
Sup: 1.3322, 1.3305, 1.3280, 1.3249




GBP/USD
Strong reversal off 1.5659 has so far found support at 1.5433, with rally under way. Sustained break above 1.5561 will open 1.5659, key near-term barrier, break of which is needed to resume recovery phase off 1.5343. Failure under 1.5659 would delay bulls, though, only loss of 1.5433 to re-focus 1.5366/43.

Res: 1.5584, 1.5621, 1.5659, 1.5718
Sup: 1.5502, 1.5453, 1.5433, 1.5366





USD/JPY
Correction off 80.92 yesterday’s low, accelerated after clearing 81.84 resistance, to retrace 38.2% of 84.49/80.92 downleg at 82.27. Further correction would target 82.69 and 83.13, 50% / 61.8% levels. Overbought hourly conditions, however, warn of pullback preceding the fresh rally. Only loss of 81.49 to risk return to 80.92.

Res: 82.27, 82.52, 82.69, 82.94
Sup: 81.60, 81.49, 81.21, 80.92





USD/CHF
Fresh strength off historical lows retraced around 38.2% of the latest 0.9644/0.9301 downleg, though, regain of 0.9511/31, 61.8% / 29 Dec high, is required to maintain near-term bulls and open way for retest of 0.9644/63 zone. Otherwise, risk remains of a lower top and fresh weakness towards 0.9301.

Res: 0.9444, 0.9472, 0.9490, 0.9511
Sup: 0.9381, 0.9340, 0.9318, 0.9301