Short Term Technical Analysis for Majors (09:45 GMT)

EUR/USD

Gains off yesterday’s 1.2294 higher low breached key 1.2445 high to extend corrective reversal. Market approached 1.2670 today, ahead of key 1.2738 level. Break here is needed to trigger a stronger bounce, while 1.2450 supports the advance. Loss of the latter, however, risks 1.2294 and 1.2142 on a break.

Res: 1.2597, 1.2670, 1.2685, 1.2738
Sup: 1.2450, 1.2390, 1.2330, 1.2294

http://mediaserver.fxstreet.com/Repo...0521094742.gif



GBP/USD

Continues to consolidate above 1.4230 low, with scope seen for further short-term strength, though, risk is for the formation of a bearish flag, ahead of relapse. Immediate resistance stands at 1.45/1.46 zone, and only regain of 1.5044/52 area to strengthen the outlook.

Res: 1.4497, 1.4517, 1.4547, 1.4579
Sup: 1.4349, 1.4326, 1.4294, 1.4230

http://mediaserver.fxstreet.com/Repo...0521094722.gif


USD/JPY

Accelerated losses after forming a double top at 93.53/64, to reach 88.95 low yesterday. Bounce on oversold hourly studies is now under way, with 90.47 offering immediate cap, ahead of 90.93. Downside, loss of 88.95 opens 88.25, key longer-term trendline support.

Res: 90.47, 90.93, 91.43, 91.86
Sup: 88.95, 88.25, 87.96, 87.75

http://mediaserver.fxstreet.com/Repo...0521094658.gif


USD/CHF

Structure remains solid as the market climbs to challenge a long-term falling trendline at 1.1785, with 1.1584 seen so far. 1.1417, lower spike rejection of 19 May, now underpins immediate advance. Clearance of 1.1584 will open 1.1677 next.

Res: 1.1584, 1.1605, 1.1675, 1.1700
Sup: 1.1449, 1.1417, 1.1402, 1.1377

http://mediaserver.fxstreet.com/Repo...0521094629.gif