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

[WindsorBrokers]

EUR/USD

Two day bear flag seen on 23 Mar has triggered a fresh weakness to break through 1.3433 range bottom, to commence next key leg lower, targeting 1.3245, then 1.3190, en-route to 1.3090, short-term objective. Upside, 1.3433/62 area should now cap corrective rallies.

Res: 1.3346, 1.3376, 1.3444, 1.3462
Sup: 1.3281, 1.3245, 1.3190, 1.3165




GBP/USD

Positive near-term structure has triggered a minor double bottom reversal from 1.4782, targeting the 1.4950 region, where a lower high is seen forming, ahead of fresh attempt at 1.4780, key low. Regain of 1.5018, yesterday’s intraday high, however, would delay, for stronger recovery towards 1.5085/1.5111.

Res: 1.5018, 1.5051, 1.5086, 1.5111
Sup: 1.4871, 1.4855, 1.4780, 1.4765




USD/JPY

Rallied higher yesterday, breaking through 90.65/79 key resistance area, to complete a continuation pattern that signals an extension off 88.13, yearly low, posted on 04 Mar. Initial target at 92.13, has already been reached, with market now focusing 93.75, yearly high of 08 Jan. Current correction should hold above 91.35, to keep immediate bulls in play.

Res: 92.13, 92.45, 93.15, 93.39
Sup: 91.70, 91.38, 91.08, 90.79




USD/CHF

Triangular consolidation from 1.0505, 17 Mar low, broke above key resistance, to extend gains to 1.0714 so far. Near-term structure remains positive and holding above 1.0660 keeps scope for break above 1.0729, 11 Mar high, to spark a recovery to 1.0805/10 next. Loss of 1.0610, however, would delay and open 1.0560/45 zone instead.

Res: 1.0740, 1.0793, 1.0810, 1.0898
Sup: 1.0660, 1.0637, 1.0609, 1.0534