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Currency Majors Technical Perspective

Matías Salord from FXstreet.com Independent Analyst Team at 02/08/10


EURUSD Current price: 1.3645

Pair remains generally bearish, moving between 1.3630 and 1.3670. Bigger time frames are oversold suggesting some possible upside for the rest of the day, but need support from a recovery in stocks and commodities. 20 SMA currently at 1.3670 working as a resistance, a break above should trigger more upside with a possible target at 1.3740. The upside should be limited to the 1.3800 zone. To the downside a consolidation below 1.3600 could strengthen the bearish perspective. Below 1.3580 pair should extend the downside.

Support levels: 1.3630 1.3580 1.3520

Resistance levels: 1.3745 1.3850 1.3920

GBPUSD Current price: 1.5590

Cable remains weak after opening the week below 1.5600. Hourly charts are bearish; 20 SMA is working as a dynamic support currently at 1.5660. In four hours charts is clearly oversold. To the upside pair needs to break above 1.5660 to change current bearish perspective in hourly charts. To the downside, below last week lows pair could fall further to test 1.5500 considering the bearish trend in bigger time frames.

Support levels: 1.5550 1.5440 1.5360

Resistance levels: 1.5660 1.5705 1.5740

USDJPY Current price: 89.23

Pair is moving in ranges with a bearish perspective in hourly charts but indicators are flat as well as 20 SMA. To the upside a break above 89.80 should send the pair to test the 90.00 level; a consolidation above could strengthen the dollar for the coming hours. Upside limited by the resistance zone between 90.20 and 90.50.

Support levels: 88.85 88.15 87.75

Resistance levels: 89.80 90. 90.60

USDCHF Current price: 1.0767

Hourly charts remains with a bullish perspective in line with bigger time frames. Pair faces important resistance levels around the 1.0800 zone; needs to break above to rally further. If it fails to rise higher expected corrective moves. To the downside a break below 1.0725 should turn the pair bearish on hourly charts.

Support levels: 1.0695 1.0640 1.0555

Resistance levels: 1.0800 1.0835 1.0950

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