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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 01/05/10


EUR/USD Current price: 1.4413

Losing strength, pair is approaching to the base of the range around 1.4400 that has been capping the downside since yesterday. Hourly chart show indicators mostly flat as well as 20 SMA, giving no clear bias for current session, as sentiment leads the way. 4 hours charts turned slightly bearish yet we need a confirmation under mentioned 1.4400 area, to see the pair extending the downside. Better if 1.4365 static support zone gives up.

Support levels: 1.4400 1.4365 1.4320

Resistance levels:  1.4440 1.4485 1.4515

GBP/USD Current price: 1.6045

Pound reached oversold conditions in the hourly chart with an approach to 1.5970 support area, and seems now to have completed the upside correction remaining capped by 1.6060 resistance zone. Hourly momentum is back to the downside, while 20 SMA is turning also bearish, supporting further falls it mentioned zone gives up. Only a clear break above 1.6060 and an acceleration above that level, could revert current bearish perspective.

Support levels: 1.6010 1.5970 1.5935

Resistance levels:1.6060 1.6100 1.6160

USD/JPY Current price: 91.61

As expected in previous update, pair reached the 91.50 support area after 92.10 gave up. Still bearish in the hourly chart, pair could extend current downside rally during this session, as Japanese Yen seems ready for some more corrective movements ahead. Only above 92.10, pair could regain some strength not seen for next hours. Bigger time frames also support the bearish continuation

Support levels: 91.40 91.10 90.80

Resistance levels:  91.70 92.10 02.50

USD/CHF Current price: 1.0320

Swiss Franc strength seems to be a bit too much and pair is now correcting to the upside, still ranging under 1.0365 resistance zone. Hourly charts had turned slightly bullish for this session, so any confirmation at current levels likely to extend the rally to mentioned zone ahead of 1.0400 stronger area. Bigger time frames support the bias.

Support levels: 1.0280 1.0230 1.0200

Resistance levels: 1.0320 1.0365 1.0400

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