Currency Majors Technical Perspective

Ian G Coleman from FXstreet.com Independent Analyst Team at 01/29/10

 

EURUSD Current price: 1.3947


Just keeps pushing lower in this large downward channel. News that Germany and France will not bail out Greece yesterday (contrary to rumour) pushed the Euro lower. We pushed on to 13913 low and look like we may just have small correction here. All indicators are bearish. As long as we can stay in the channel (top trend line 14020) the trend should continue. The weekly candle is looking strongly bearish

Support levels: 1.3912 1.3900 1.3880

Resistance levels: 1.3965 1.4000 1.4024

GBPUSD Current price: 1.6129


What was a triangle formation has turned into a large channel today. 16270 and 16100 as resistance and support. Strong push lower when S + P wrote a note on the stability of the UK banking system. This whole move since the 19th of January could be seen as a large flag formation with a break to the downside favourable. Looking bearish at the moment but we need to see a break of the lower trend line and the upward channel support at 1.6086. The weekly candle is a doji (up to now) that has followed a shooting star also giving a downward bias.

Support levels: 1.6110 1.6098 1.6086

Resistance levels: 1.6148 1.6161 1.6200

USDJPY Current price: 8992


Went higher to test the resistance at 9056 only to reject and move lower again to support at 8980. This is looking like we may form a reverse Head and Shoulders formation. The MACD trend line is holding well and we seem to be moving higher. We would really need to see a move above 9005 to push us up to 9060. A break of the neckline (9060) and we open the door for a move up to 91.80. Weekly candle seems to be forming a doji

Support levels: 8982 8959 8921

Resistance levels: 9000 9005 9060

USDCHF Current price: 1.0526


Still pushing higher and holding onto the trend line well. Failing to break the high around 10548 at the moment but this is only forming an ascending triangle which favours a break to the upside. Weekly candle is strongly bullish. Only a break of 10510 would turn the pair temporarily bearish

Support levels: 1.0515 10500 1.0477

Resistance levels: 1.0539 1.0547 1.0560

Have a great day and an enjoyable weekend