FXStreet (Delhi) – Research Team at Societe Generale, lists down the technical analysis for the currency majors. Key Quotes EURUSD: EUR/USD breached the flag formation within which corrective recovery since March evolved and has achieved our target at 1.08/1.0760. The pair is approaching towards previous lows of 1.05/1.04, a decisive level for a larger down move. Short term upside is likely to be capped at 1.1085. USDCHF: USD/CHF broke above a multi month triangle and has achieved our advocated target of 1.0240, January highs. Weekly RSI is close to a multiyear trend resistance however downside appears to be limited to previous highs of 0.99/0.9840. A break above 1.0240 will extend the uptrend. GBPUSD: GBP/USD faced stiff resistance at our advocated level of 1.55/1.5530 and has achieved downside target at May lows of 1.5080/1.50. A break below will confirm H&S formation and lead to retest of graphical support at 1.48 and even towards 1.45. Short term recovery if any, is likely to face resistance at 1.5530. 1 EURGBP: After testing multiyear channel, EUR/GBP breached above a triangle and the rebound has achieved our target of 0.75/0.7750. A move above will confirm an inverted H&S and lead to a larger recovery. The downward momentum is receding a little and 0.70/0.68 support is likely to hold. USDJPY: After facing stiff resistance at multiyear trend (126), USD/JPY pulled back and achieved graphical support at 118.20. Since then a recovery has been in force however with monthly stochastic indicator giving a negative crossover, upside appears to be capped. Trend resistance since 1990 at 126 remains a key level AUDUSD: After confirming H&S last year, AUD/USD looks to continue downtrend to 0.6250/0.60, projected target for the pattern, also the 76.4% retracement of up move from 2001 to 2011 with intermittent targets at 0.6750 and 0.65. Short term, a corrective recovery is in force, 0.75 will be a key resistance. USDCAD: USD/CAD achieved a target for retracement at previous highs of 1.2850. A recovery is in force and is likely to continue towards 1.35/1.36, the multiyear channel and also a projection for C wave. Diverging indicators suggest 1.35/1.36 will be an important resistance. 1.2850 will decide if a deeper retracement takes shape. For more information, read our latest forex news.