Short Term Technical Analysis for Majors (07:30 GMT)

[WindsorBrokers]

EUR/USD

Dipped under 1.2176 to reach 1.2153 low yesterday, ahead of fresh recovery attempt. Structure, however, remains negative while 1.2342/86 caps and lower top below the latter would signal fresh weakness, to target 1.2142/34 zone. Break above 1.2386 would delay for 1.2415/45 initially.

Res: 1.2386, 1.2415, 1.2445, 1.2480
Sup: 1.2153, 1.2142, 1.2134, 1.2100




GBP/USD

A corrective phase from 1.4230 yearly low remains supported by 1.4257 higher low but break above 1.4546 is needed to stage recovery towards 1.4639, 14 May high/near 50% retracement of 1.5052/1.4230 decline. Failure under 1.4546, however, delays.

Res: 1.4546, 1.4604, 1.4639, 1.4702
Sup: 1.4365, 1.4329, 1.4304, 1.4257




USD/JPY

Corrective attempt from 88.95 stalled at 90.66 yesterday, with the latest bounce off 89.21 attempting to leave a lower top, ahead of fresh weakness. Break below 89.45, trendline support, opens 88.95, ahead of key trendline drawn off 84.80, at 88.35. Break above 90.66/93 delays immediate bears and open way for stronger recovery.

Res: 90.66, 90.77, 90.93, 91.06
Sup: 89.75, 89.45, 89.21, 88.95




USD/CHF

Corrects lower after reaching a series of yearly highs, with 1.1694 reached so far. Positive structure remains intact while 1.1511 spike low holds, and fresh gains through 1.1694 to target 1.1785 trendline resistance. Below 1.1511, however, allows stronger pullback and opens 1.1449 instead.


Res: 1.1622, 1.1694, 1.1725, 1.1742
Sup: 1.1511, 1.1449, 1.1417, 1.1402