Short Term Technical Analysis for Majors (14:30 GMT)
EUR/USD
Continues to trade within broader 1.3433/1.3816 consolidative range. The latest strong sell-off from 1.3816 found support at 1.3462 yesterday, just above 1.3433 range bottom, ahead of current recovery phase. This has so far stalled at 1.3568, with market attempting to leave a lower top, for fresh push higher. However, regain of 1.3639 is needed to resume short-term recovery, otherwise, attack at 1.3433 and possibly lower would be likely scenario.
Res: 1.3568, 1.3586, 1.3600, 1.3625
Sup: 1.3474, 1.3462, 1.3433, 1.3423
GBP/USD
Fresh strength emerges from 1.4971, today’s low, after recovery attempt off yesterday’s 1.4930 low failed at 1.5111. Break through 1.5111/60 is required to resume near term bears and open 1.5200/50 zone next. Early upside rejection, however, brings 1.4930, then 1.4871 and possibly 1.4780 levels back in focus.
Res: 1.5111, 1.5160, 1.5206, 1.5224
Sup: 1.4971, 1.4930, 1.4871, 1.4780
USD/JPY
Remains locked in 89.74/91.08 consolidation range, with positive bias seen in play while 89.74 support holds. However, sustained break above 90.79/91.08 is needed to resume short-term recovery and focus 92.13 next. Loss of 89.74 would weaken the structure and risk test of 88.13 instead.
Res: 90.37, 90.79, 91.08, 91.22
Sup: 90.12, 89.74, 89.62, 89.45
USD/CHF
Short-term trading remains entrenched within a corrective channel off 1.0887, 02 Mar lower high, while triangular consolidation from 1.0505, 17 Mar low may precede a further push lower through 1.0505/1.04497, strong support area. Only break above 1.0660/76 would ease immediate downside risk and pivot market higher.
Res: 1.0645, 1.0660, 1.0676, 1.0697
Sup: 1.0530, 1.0505, 1.0497, 1.0424
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