Short Term Technical Analysis for Majors (07:50 GMT)

[WindsorBrokers]

EUR/USD
Break above key 1.2920/31 resistance area completes a four week base, targeting 1.3045, 61.8% retracement of 1.3332/1.2586 downleg, with 1.3032 seen so far. Break above 1.3045 will open 1.3074/1.3128. Downside, 1.2920 offers initial support, while loss of 1.2828 sidelines near-term bulls.

Res: 1.3032, 1.3045, 1.3074, 1.3128
Sup: 1.2955, 1.2920, 1.2875, 1.2828





GBP/USD

Extends recovery from 1.5346, yesterday’s higher low, to test 1.5565, 38.2% retracement of the 1.5997/1.5295 fall. Further gains will target 1.5596/1.5617, possibly 1.5645, 50% retracement. Only sustained break below 1.5470/45 weakens the structure.

Res: 1.5554, 1.5596, 1.5617, 1.5645
Sup: 1.5448, 1.5385, 1.5343, 1.5295





USD/JPY

Hit a fresh yearly low at 82.86 today, before surging higher in correction. Market is currently attempting at 85.21, key near-term resistance, break of which would delay bears in favor of stronger correction, initially towards 85.92/86.39. Failure to break above 85.21, however, would risk a lower top and continuation of the underlying negative trend.

Res: 83.83, 84.17, 84.47, 84.62
Sup: 84.72, 84.47, 84.00, 83.75





USD/CHF

Rejection at 1.0276, near 38.2% of 1.0630/1.0060 decline, confirmed the underlying bear structure. Loss of critical support at 1.0065/60, multi year bear continuation pivot, would project a significant weakness longer-term, with 0.9932 seen so far, just above target at 0.9916, 2009 low. Upside, 1.0050/61 caps for now.

Res: 1.0054, 1.0061, 1.0088, 1.0097
Sup: 0.9932, 0.9916, 0.9900, 0.9870