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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 01/03/10


EUR/USD Current price: 1.4328

Gapping to the downside,  pair started the week holding the bearish tone in 1 hour charts, as indicators remain pointing for further loses. Price action continues developing under 20 SMA, both in 1 and 4 hours charts, while 4 hours charts indicators also support further falls; under 1.4300 area, first support for the next hours, pair likely to approach to next level around 1.4260/70, while only under this last, a retest of the lows 1.42’ seems likely. Pair could regain upside momentum only above 1.4365.

Support levels: 1.4300 1.4265 1.4220

Resistance levels:  1.4365 1.4410 1.4440

GBP/USD Current price: 1.6140

Losing some ground after past week upside rally, pair start the week with a gap to the downside, already closed. Current candle is attempting to break above 20 SMA in the hourly chart, still with a bullish slope, while indicators had turned bearish. As long as under 1.6160, pair bias is slightly bearish for next hours, with 1.6110, and 1.6060 as immediate supports to watch. Confirmations above mentioned 1.6160, should send the pair back to retest the 1.6200 area.

Support levels: 1.6110 1.6060 1.6020

Resistance levels: 1.6160 1.6200 1.6230

USD/JPY Current price: 92.80

Losing the 93.00 level, current movements seems a more than well needed correction, ad 1 hour indicators were way overextended to the upside after past week rally. Still above a bullish 20 SMA, pair should remain above 92.30 to hold the bullish bias, thus pair likely to follow stocks and particularly Nikkei 225. If the index fall, following past Thursday Wall Street, pair could feel the pressure and approach to the 92.00 area.

Support levels: 92.60 92.30 92.10 

Resistance levels:  93.10 93.40 93.70

USD/CHF Current price: 1.0348

Swiss Franc strength remains clear across the board, as the pair remains under 1.0400 resistance area. Hourly charts had lost some of the upside momentum they had past Thursday, supporting some bearish bias for next sessions, confirmed if pair manages to break under the 1.0320 support area. Only clearly above 1.0400, previous perspective is deny, and pair could change intraday bias.

Support levels: 1.0320 1.0280 1.0230

Resistance levels: 1.0365 1.0400 1.0440

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