Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

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EUR/USD

Continues to travel south, extending the downleg from 1.4576, after losing supports at 1.4102 / 1.4073 and key level at 1.3968. This opens fresh bear phase and confirms top at 1.4938. Next target lies at 1.3907, daily 200 day MA, loss of which to open 1.3860 zone, 02 Feb high / 15 Mar low, next. Overextended near-term studies, however, signal possible corrective action, with initial barriers at 1.3968, now reverted to resistance, and 1.4073/1.4100 area next. 20 day MA, currently at 1.4200, is expected to cap.

Res: 1.3968, 1.4000, 1.4073, 1.4100
Sup: 1.3907, 1.3900, 1.3860, 1.3800




GBP/USD

Extends bear-trend from 1.6745, 28 Apr high, after losing key near-term support at 1.5910 and Fibonacci level at 1.5880, to approach next target at 1.5820, 31 Jan low, ahead of 1.5764, bear-channel support and strong support at 1.5750, 25 Jan low. Oversold near-term studies see scope for correction, ahead of fresh leg lower, with immediate resistances at 1.5900/30 zone, while daily 200 day MA, currently at 1.6045, limits the upside.

Res: 1.5910, 1.5930, 1.5972, 1.5990
Sup: 1.5832, 1.5821, 1.5800, 1.5750




USD/JPY

Slumps through 80.25/00 support zone, after breaking below trendline support at 80.40 yesterday, to further weaken the short-term structure. Loss of 80.00 level, has so far reached 79.82, just ahead of key supports at 79.68/55, 08 June / 05 May low, break of which would signal and end of two-month consolidative phase and extension of broader weakness from 85.50, 06 Apr high. Corrective attempts on oversold near-term conditions, should be capped at 80.50, to maintain bear-tone.

Res: 80.00, 80.25, 80.50, 80.82
Sup: 79.82, 79.68, 79.55, 79.06





USD/CHF

Near- term recovery attempt is under way after sharp losses from 0.8520 zone found support at 0.8328 yesterday. This is seen corrective while 20 day MA, currently at 0.8400 zone, caps. However, further correction towards 0.8450, trendline resistance, is not ruled out, before bears re-assert for fresh attack at 0.8328, then 0.8300 and historical low at 0.8273.

Res: 0.8366, 0.8420, 0.8430, 0.8445
Sup: 0.8345, 0.8328, 0.8305, 0.8295