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

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EUR/USD

Completes the inverted head and shoulders formation at 1.3093 on a daily chart. Further strength towards 1.3125, 38.2% of 1.5144/1.1875 decline is now favored, with potential break here to trigger fresh upside. Corrective pullbacks should be contained by 1.2965/51, key support, to keep bulls in play, otherwise, loss here will signal a return to weakness.

Res: 1.3093, 1.3105, 1.3125, 1.3200
Sup: 1.3025, 1.3005, 1.2979, 1.2965




GBP/USD

Break above 50% of 1.7041/1.4230 descend, and clearance of 1.5688, 18 Feb high, now focuses 1.5814/50, 17 Feb high/01 Feb low. However, hourly studies are entering overbought zone, suggesting correction. 1.5550 remains key near-term support and only loss here to weaken the structure.

Res: 1.5814, 1.5835, 1.5850, 1.5886
Sup: 1.5679, 1.5661, 1.5570, 1.5550




USD/JPY

Posted a fresh year to day low at 85.93 last Friday, ahead of bounce. Gains reached 86.81 today, above 38.2% retracement of 88.10.85.93 downleg, just ahead of 86.97/87.17, break of which is needed to resume the latest strength. Failure to break here, however, would signal a lower top and open fresh weakness.

Res: 86.97, 87.17, 87.50, 87.71
Sup: 86.26, 85.93, 85.86, 84.80




USD/CHF

Today's trade has seen a swift downside rejection potentially completing a down phase from 1.0638. The latest break above last Friday