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

[WindsorBrokers]

EUR/USD
Daily structure exposes a potential bear flag developing, with a push under 1.3383, 31 Mar pivot low, increasing the probability of a return to 1.3266, 25 Mar annual low. In the meantime a short-term swing higher is not ruled out.

Res: 1.3459, 1.3496, 1.3537, 1.3591
Sup: 1.3383, 1.3344, 1.3324, 1.3305




GBP/USD

The second attempt at 1.5315, 23.6% retracement of the entire 1.7041/1.4780 fall failed, ahead of fresh push lower. Weekly structure since 1.7041 favors a shallow retrace and a resumption of weakness. 1.5380 is seen key resistance and only break here would improve the outlook.

Res: 1.5244, 1.5262, 1.5315, 1.5380
Sup: 1.5165, 1.5117, 1.5088, 1.5042




USD/JPY

Daily structure since the annual low at 88.13 hints at possible exhaustion of the current rise. Potential is seen for a pullback now towards the 200 day MA, currently at 91.46. Bulls remain in play while 93.55 holds.

Res: 94.77, 95.02, 95.30, 95.50
Sup: 93.55, 93.27, 93.05, 92.75





USD/CHF

Daily structure reveals a possible bull flag forming from the low at 1.0130, 11 Jan low. A break back over 1.0749 will further strengthen outlook, and likely trigger a return to 1.0897, annual high, posted on 19 Feb. However, near-term weakness, preceding fresh bulls, is not ruled out.

Res: 1.0688, 1.0705, 1.0749, 1.0795
Sup: 1.0585, 1.0553, 1.0535, 1.0487