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

WindsorBrokers

Windsor Brokers Representative
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EUR/USD
The pair undergoes mild correction after hitting fresh low just above 0.9100 supports, yesterday. Corrective rally was so far capped at 1.3150 zone by 20 day EMA. Hourly studies emerged from oversold zone, seeing potential for further recovery, however, situation on 4H chart shows more negative tone. To improve current structure, regain of minimum 1.3200 zone, where also Fib 31.8% of 1.3380/1.3106 descend lies. The recent fall weakened daily structure, as studies approach the midlines, suggesting that corrective action would be limited and fresh weakness seen as likely scenario. Break below 1.3100 low and main bull trendline, to open key short-term support zone at 1.3000/1.2973, lows of 15 Mar / 16 Feb.

Res: 1.3157, 1.3180, 1.3191, 1.3210
Sup: 1.3136, 1.3100, 1.3050, 1.3000





GBP/USD
Near-term corrective phase off yesterday’s low at 1.5832 holds at 1.5900, initial resistance zone, after regaining 200 day MA that was briefly broken. Improvement on hourly chart studies, keeps hopes for further recovery, with lift above 1.5920/30 zone, Fibonacci level and 20/55 day EMA’s required, but prospects remain limited as larger timeframes studies hold more negative tone. Loss of 200 day MA at 1.5850 and yesterday’s low at 1.5832 to expose next targets at 1.5800 and 1.5770.

Res: 1.5908, 1.5920, 1.5930, 1.5950
Sup: 1.5878, 1.5850, 1.5832, 1.5800




USD/JPY
Near-term price action remains entrenched within 82.00/83.00 range, with tone skewed towards the downside, as hourly studies broke below the midlines and 20 day EMA limiting the upside during Asian session. Risk is seen on los of strong near-term support at 82.00 that would weaken the tone further and re-attract recent low at 81.54, loss of which to signal further retracement of 76.00/84.17 rally and open Fibonacci level at 81.05. Only lift above 83.00 handle would avert immediate downside risk.

Res: 82.34, 82.67, 83.00, 83.29
Sup: 82.00, 81.82, 81.50, 81.05





USD/CHF
Corrects the near-term recovery rally off 0.9000 that peaked at 0.9181, strong resistance. Shallow reversal was so far contained by hourly 20 day EMA and just above Fib 23.6 of 0.9000/0.9181 upleg, with hourly studies still above the midlines, seeing potential of base. Indicators on 4H chart are more supportive, as holding positive tone and coming out of overbought territory. Firm break above 0.9180/0.9200, also Fib 61.8% of larger downmove from 0.9333 to 0.9000, is required to resume recovery and confirm bottom at 0.9000. Only break below 0.9100 would harm the near-term structure.

Res: 0.9181, 0.9200, 0.9252, 0.9300
Sup: 0.9142, 0.9135, 0.9113, 0.9100

 
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