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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 01/04/10


EUR/USD Current price: 1.4437

Bullish in the hourly chart, pair is approaching to 1.4460 resistance area, past week high. Indicators support further rises despite slightly over extended, as no signs of corrective movements are seen either in 1 or 4 hours charts. Well supported above 20 SMA, confirmations above mentioned area likely to trigger further rises to the 1.4485 area, ahead of stronger 1.4515 level.

Support levels: 1.4410 1.4365 1.4320

Resistance levels:  1.4460 1.4485 1.4515

GBP/USD Current price: 1.6188

After completing a pullback to the daily descendant trend line broken past week, pair is regaining the upside, and holding above the 20 SMA in the hourly chart. Bigger time frames remain bullish supporting also further rises for current American session, yet 200 EMA in the 4 hours charts around 1.6250 remains the key resistance level to watch: only a clear break above it, could extend current upside rally during next sessions.

Support levels: 1.6160 1.6110 1.6060

Resistance levels: 1.6200 1.6250 1.6285

USD/JPY Current price: 92.45

Extending the fall triggered after breaking under 93.00, pair remains slightly bearish in the hourly chart, thus needs to clearly accelerate under 92.30 to extend the rally. Hourly indicators seem a bit overextended, suggesting a retest of the 92.80 area ahead, as long as mentioned support holds.

Support levels: 92.30 92.10 91.70

Resistance levels:  92.80 93.10 93.40

USD/CHF Current price: 1.0289

Testing 1.0280 support zone, pair remains strongly bearish in the hourly chart, as Swiss Franc remains the strongest of the European currencies. 4 hours charts support the bias, yet we need a confirmation under this 1.0280 support to see the pair extending the downside. Only clearly above 1.0365 could revert current bias, not seen today.

Support levels: 1.0280 1.0230 1.0200

Resistance levels: 1.0320 1.0365 1.0400

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