Short Term Technical Analysis for Majors (14:30 GMT)

[WindsorBrokers]

EUR/USD

Hourly bullish divergence has produced a rebound off a fresh multi-year low at 1.2142, posted overnight. Gains broke through several resistance levels, currently attempting through 1.2327, 61.8% retracement of the latest 1.2443/1.2142 downleg. Sustained break here would trigger further recovery and expose 1.2443 next.

Res: 1.2443, 1.2465, 1.2507, 1.2576
Sup: 1.2142, 1.2134, 1.2076, 1.2065




GBP/USD

Hourly structure present since 1.5052, 10 May high, continues to suggest scope for further weakness, potentially towards 1.3700, 12 Mar 2009 low. Upside, regain of 1.4517, 18 May high, is required to neutralize immediate bears.

Res: 1.4407, 1.4457, 1.4517, 1.4547
Sup: 1.4235, 1.4220, 1.4200, 1.4155




USD/JPY

Remains weak from the 93.50/64 double top area that ended the recovery leg off 87.96, yearly low, posted on 06 May. Dips under 91.75 now focusing 90.83, possibly 90.00 on a break. Regain of a near-term pivot at 92.95 is now required to shift the focus higher.

Res: 92.42, 92.95, 93.14, 93.64
Sup: 91.05, 90.83, 90.57, 90.00



USD/CHF

Correction off 1.1444, 17 May high, reversed to 1.1266 before breaking the corrective channel. Upswing has breached 1.1444/84 resistances to focus 1.1605 next. Short-term, key 1.1780 trendline resistance is focused. 1.1266 now stands as a key support.

Res: 1.1533, 1.1605, 1.1675, 1.1700
Sup: 1.1417, 1.1402, 1.1377, 1.1266