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Currency Majors Technical Perspective

Matías Salord from FXstreet.com Independent Analyst Team at 02/04/10


EURUSD Current price: 1.3895

Pair fell constantly during the last hours and hourly charts turned bearish; close to oversold. Recent fall has been cupped by support at 1.3880; a break could send the pair to test weekly lows at 1.3850. Bigger time frames continue to support a bearish perspective and a break below previous lows could trigger more downside. Pair weakened in the last hours and the upside should be limited to 1.3930 for the next few hours.

Support levels: 1.3880 1.3850 1.3800

Resistance levels: 1.3975 1.4025 1.4050

GBPUSD Current price: 1.5896

No clear signs at the moment. To the upside, only above 1.6175 pair could change the bearish perspective in bigger time frames. In the short term if the pair rises above 1.5930 it could rally further to test 1.6000. If the pair falls below yesterdays low at 1.5875 should trigger more downside to a probable test of 1.5845. Volatility should increase as we move closer to the BoE decision.

Support levels: 1.5870 1.5850 1.5795

Resistance levels: 1.5930 1.6005 1.6070

USDJPY Current price: 90.86

Dollar finally broke above 91.00 but then weakened as stocks pulled back. Pair has a bullish perspective in 4 hour chart. Dollar needs to consolidate above 91.00 to keep the upside bias but a correction to 90.55 is possible in the next hours supported by hourly indicators that favors the downside ; if the pair falls below it could accelerate the downside toward 90.25. To rally further pair needs a clear break above 91.35.

Support levels: 91.30 91.90 92.20

Resistance levels: 90.55 90.00 89.75

USDCHF Current price: 1.0588

Pair failed to get back above 1.0600 still 4 hours chart remains bullish as long as it hold above 1.0500. On hourly charts broke a corrective channel during the American session and since then has been trading in a range between 1.0575 and 1.0595; either to the upside or to the downside, a break of the mention range should trigger a rally.

Support levels: 1.0550 1.0490 1.0425

Resistance levels: 1.0605 1.0640 1.0700

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