Short Term Technical Analysis for Majors (10:00 GMT)

EUR/USD
Bounce off yesterday’s fresh one-month low at 1.2993, when the pair tested the upper border of very strong 1.3000/1.2950 support zone, provided near-term relief. Extension from today’s higher low at 1.3090, broke above yesterday’s high at 1.3146 and dented trendline resistance at 1.3155, with sustained break here required to open way for test of next strong barrier at 1.3200/11, main bear-trendline off 1.4246 / 12 Apr high / 55 day MA and confirm near-term base at 1.2993. Hourly studies are positive, but approaching overbought territory, while indicators on 4H chart are attempting to break above midlines. Daily studies, however, are still in the negative zone and only firm break above 1.3200 barrier would signal an improvement.

Res: 1.3171, 1.3200, 1.3211, 1.3252
Sup: 1.3090, 1.3053, 1.3032, 1.3000

http://mediaserver.fxstreet.com/Repo...0417104315.gif


GBP/USD
The pair’s near-term price action moves in a steep uptrend, after very strong support at 1.5800 zone, also top of daily Ichimoku cloud, contained the latest slide off 1.5984, 12 Apr high. The third leg of recovery from 1.5817, yesterday’s low, started at 1.5861, today’s low, is approaching our key near-term resistance at 1.5984, above which to signal break above near-term range and re-focus 1.6061, yearly high of 02 Apr. Extended hourly studies may signal corrective action, preceding fresh rally, with initial support at 1.5900 zone, expected to protect the downside. Only loss of today’s low at 1.5861 weakens the structure and risks return to 1.5800 support zone.

Res: 1.5969, 1.5984, 1.6000, 1.6061
Sup: 1.5910, 1.5900, 1.5861, 1.5841

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USD/JPY
The near-term consolidation above yesterday’s fresh low at 80.28, is seen as a pause in a broader downtrend off 84.17, yearly high, as short-term studies remain negative, as well as daily ones. As long as previous consolidation range ceiling at 81.18 stays intact, immediate focus will be at the downside, with targets at 80.00 and 79.52, in case 80.28 support gives way. Only lift above 81.18 would allow for stronger correction and open next barriers at 81.54 and 81.81.

Res: 80.72, 81.00, 81.20, 81.66
Sup: 80.28, 80.09, 80.00, 79.52

http://mediaserver.fxstreet.com/Repo...0417104216.gif



USD/CHF
Comes under increased pressure after yesterday’s failure to sustain gains above key barriers at 0.9220 zone, previous high / main bear trendline / 90 day MA, as fresh weakness broke below strong supports at 1.9150/40 zone. Immediate risk is seen on retesting main bull trendline off 0.9000 base, loss of which to open way towards very strong supports at 0.9000 and 0.8930, on a break. Overall negative tone on lower timeframes, keeps the downside pressured, while studies on a daily chart are moving sideways and holding around their midlines.

Res: 0.9180, 0.9200, 0.9221, 0.9250
Sup: 0.9120, 0.9100, 0.9090, 0.9069

http://mediaserver.fxstreet.com/Repo...0417104157.gif