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

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EUR/USD

Hourly structure continues to be negative with yesterday's break below 1.3390/83, 61.8% retracement of the 1.3266/1.3591 rise / 31 Mar low, warning of a full retrace of the move. Scope is now for a short-term swing higher, before leaving a lower top.

Res: 1.3438, 1.3459, 1.3496, 1.3537
Sup: 1.3355, 1.3344, 1.3305, 1.3266




GBP/USD

Continues to trade close to the 23.6% retracement of the 1.7041/1.4780 fall at 1.5315. Weekly structure continues to favor a shallow retrace and eventual relapse to retest 1.4780, the annual low.

Res: 1.5282, 1.5315, 1.5330, 1.5380
Sup: 1.5192, 1.5128, 1.5117, 1.5042




USD/JPY

Daily structure since the annual low at 88.13 hints at possible exhaustion of the current rise. Potential is seen for a pullback now towards the 200 day MA, currently at 91.46. Bulls remain in play while 93.55 holds, with potential break here to open 93.27 and 92.75. Only regain of 94.39 would suggest renewed strength.

Res: 94.39, 94.77, 95.02, 95.30
Sup: 93.55, 93.27, 93.05, 92.75




USD/CHF

Continues to head higher off recent lower rejection of 200-day MA, with scope set at 1.0779, break of which will trigger a larger daily bull flag with an initial target at 1.0899, annual high, posted on 19 Feb).

Res: 1.0720, 1.0749, 1.0795, 1.0810
Sup: 1.0643, 1.0585, 1.0553, 1.0487