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Currency Majors Technical Perspective

Ian G Coleman from FXstreet.com Independent Analyst Team at 01/06/10


EURUSD Current price: 1.4356

The pair broke through the 1.4400 resistance area late yesterday afternoon and pushed lower still overnight. We have now found a support area at 1.4345. We are in, what looks like, a large corrective upward channel which has been forming since the lows on the 22nd of December. A push through support at 1.4345 should open the way for a move down to 1.4270 trend line support

Support levels: 1.4345 14313 1.4270

Resistance levels: 1.4372 1.4400 1.4486

GBPUSD Current price: 1.5979

The pair has made a slow move downwards through the Asian session and has used a descending trend line for support. It did spike through and hit the 161.8% projection at around midnight (1.5945). The pair is now looking a bit exhausted and we may get a pullback higher from these levels. If we can break and hold under trend line support, currently at 1.5945, then I would look to target 1.5834 previous low. A pull back higher and 1.6037-50 area should hold significant resistance.

Support levels: 1.5945 1.5919 1.5850

Resistance levels: 1.6000 1.6037-50 1.6154

USDJPY Current price: 92.03

Moved higher overnight and broke through the previous high at 92.80. An ABC formation would be formed at 92.07 and we have produced at doji at this level. Although all signals are bullish at the moment we really need to see a clear break of 92.16 to continue the bullish bias.

Support levels: 91.80 9152 9125

Resistance levels: 92.16-23 92.46 93

USDCHF Current price: 1.0343

Moving higher in the descending channel all signals are bullish and we are trading above the 20 SMA. We have found resistance around 1.0355 but this may just be a pause overnight. Plenty of room on the RSI to extend the rally higher. Trend line resistance at 10395. Only a break through 1.0325 would turn the view negative. If we can break the trend line it opens the way for a move to the previous high at 1.0509

Support levels: 1.0325 1.0316 1.0264

Resistance levels: 1.0361 1.0380 1.0395

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