Short Term Technical Analysis for Majors (14:00 GMT)

[WindsorBrokers]

EUR/USD
Correction from 1.3114, 28 Apr yearly low needs a clear break above 1.3412/22 to neutralize immediate bears. Downside bias now favors a weakness through 1.3114, to target 1.3090, 76.4% retracement of 1.24551.5144 rise.

Res: 1.3342, 1.3360, 1.3412, 1.3422
Sup: 1.3204, 1.3181, 1.3141, 1.3114




GBP/USD
Break under daily trend line support off 1.4797, seen last week, negated the prior potential for a double bottom reversal in favor of a fresh relapse towards 1.5124 initially. Regain of 1.5389, last Friday’s high, is needed to neutralize near-term weakness.

Res: 1.5334, 1.5364, 1.5389, 1.5421
Sup: 1.5210, 1.5160, 1.5141, 1.5124




USD/JPY

The 5-wave rally from 88.13, 04 Mar yearly low, remains so far capped by 94.58/77 area, equality of 88.13/92.09 rise from 91.58 higher low/2.236 extension, but breakout would highlight 2.618 target at 95.86. However, positive tone persists while 92.80/72 supports hold.

Res: 94.58, 94.77, 95.05, 95.30
Sup: 93.83, 93.71, 93.37, 92.97





USD/CHF

Multiweek flag drives market higher, with break through hourly triangle, triggering the latest rise that reached 1.0922 on 28 Apr. Higher low at 1.0728 now supports for the next leg higher, and break through 1.0922, to expose 1.1026, 24 Jun 09 high. Only loss of 1.0698 would delay.

Res: 1.0868, 1.0922, 1.0940, 1.0956
Sup: 1.0745, 1.0728, 1.0698, 1.0674