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

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EUR/USD

Extends recovery from 1.2515, 06 May fresh yearly low, to clear 1.2995, and 1.3035/47, 61.8% retracement of 1.3359/1.2515 decline/04 May intraday high, to reach 1.3093 today. A loss of momentum is now evident as market possibly tops for a decline back towards 1.2609/1.2515. Regain of 1.3093/1.3113, however, turns positive


Res: 1.3093, 1.3113, 1.3148, 1.3190
Sup: 1.2856, 1.2806, 1.2775, 1.2690




GBP/USD

An initial recovery has taken place from last weeks low at 1.4475. This may constitute the first leg higher in a larger correction, with initial resistances at 1.4932/1.5011 being cleared today. However, short-term swing lower, before a potential return to strength is not ruled out.

Res: 1.5107, 1.5146, 1.5174, 1.5209
Sup: 1.4759, 1.4706, 1.4643, 1.4573





USD/JPY

Double top at 95.00 and break of a trendline support, sparked a sharp decline to 87.96 on 06 May. A lower rejection there and strong recovery has followed. An hourly bullish consolidation has been confirmed by break above 93.19. Market now focuses 93.98, possibly 95.00 on a break.

Res: 93.52, 93.98, 94.32, 95.00
Sup: 92.49, 91.64, 90.98, 90.00




USD/CHF

Extended gains to 1.1244 on 06 May so far, ahead of corrective phase. Higher low is now sought near 1.0925 for a fresh leg higher, and through 1.1244/62 to target 1.1484, 76% retracement of 1.1966/0.9916 decline. Downside, 1.0923/1.0839 zone supports.

Res: 1.1082, 1.1102, 1.1155, 1.1180
Sup: 1.0954, 1.0923, 1.0887, 1.0839