Short Term Technical Analysis for Majors (09:30 GMT)

[WindsorBrokers]

EUR/USD

Continues to trade within broader 1.3433/1.3816 consolidative range. The latest strong sell-off from 1.3816 found support at 1.3462 yesterday, just above 1.3433 range bottom, ahead of current recovery phase. Higher low is now required to resume towards 1.3586/1.3639, with break of the latter to trigger stronger recovery. However, overall outlook remains negative and upside failure to attract 1.3433, then 1.3250/1.3088.

Res: 1.3568, 1.3586, 1.3600, 1.3625
Sup: 1.3501, 1.3462, 1.3433, 1.3423




GBP/USD

Dipped to 1.4930 yesterday, following an upside rejection from 1.5380 on 17 Mar. Recovery attempt reached 1.5111 today, retracing slightly over 38.2% of 1.5380/1.4930 downleg, ahead of fresh weakness. Need to confirm higher low for retest of 1.4930, break of which would expose 1.4871 and possible final attempt at 1.4780 bottom. 1.5111 now offers initial resistance, ahead of 1.5155/95 zone.


Res: 1.5111, 1.5160, 1.5206, 1.5224
Sup: 1.4976, 1.4930, 1.4871, 1.4780




USD/JPY

Remains locked in 89.74/91.08 consolidation range, with positive bias seen in play while 89.74 support holds. However, sustained break above 90.79/91.08 is needed to resume short-term recovery and focus 92.13 next. Loss of 89.74 would weaken the structure and risk test of 88.13 instead.

Res: 90.37, 90.79, 91.08, 91.22
Sup: 89.74, 89.62, 89.45, 89.30




USD/CHF

Continues to channel higher off 1.0505, 17 Mar low, forming a triangle, with 1.0660 high reached yesterday. Break here is needed to resume recovery towards 1.0694/1.0730. Failure to do so risks downside test of 1.0575, trendline support, then1.0561/30, ahead of possible attempt at 1.0505.

Res: 1.0645, 1.0660, 1.0676, 1.0697
Sup: 1.0575, 1.0530, 1.0505, 1.0497