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Currency Majors Technical Perspective

Ian G Coleman from FXstreet.com Independent Analyst Team at 02/15/10


EURUSD Current price: 1.3669

Good morning. Asian stocks fell overnight on concerns about Greece and Dubai World. All eyes and ears will be on the European meeting in Brussels today. We also have a US holiday today so any move s may be exaggerated. EURUSD had drifted lower. At the moment we are in a downward channel with all indicators negative. The channel resistance is at 13615 followed by 13645. If we managed to break to the upside then 13745 (200 SMA) and the trend line at 13761 should hold the pair. A continued grind lower should meet 13454 (261.8%)

Support levels: 1.3530 1.3500 1.3454

Resistance levels: 1.3610 1.3644 1.3746

GBPUSD Current price: 1.5646

This whole move sideways up is still looking corrective. It was capped by the 200 SMA on Friday. We can now see a symmetrical triangle. After a large move down, this gives a slight bias to the downside. A break of the lower trend line at 15600 and I would look to 15445. This is 261.8% of the first wave lower. And move higher should be capped by the 200 SMA (now at 15713) and trend line at 15730. If the pair does manage to breach to the upside then I would look to 15832 as a key level (last daily low)

Support levels: 1.5600 1.5533 1.5445

Resistance levels: 1.5703 1.5730 1.5765

USDJPY Current price: 9013

Indecision (on USDJPY) Friday. On the daily chart we can see a large doji after hitting the daily trend line. The trend line now stands at 9036 and will be a key level. This whole move since the 5th of February looks corrective but we really need to see a break of the lower trend line at 8974 to turn us bearish again. This should then take us down to 8900. AS break higher and 9130 would be the next target

Support levels: 8987 8974 8950

Resistance levels: 9036 9100 9136

USDCHF Current price: 1.0794

Moved higher on Friday and spiked through the previous high at 1.0797 before pulling back. We have used the support line to push us back up overnight. On the daily chart, 1.0876 is 161.8% of the first wave and so will be a key level as this may signal wave 3 in the a larger wave sequence. The hourly chart is making a doji here as that resistance line holds (1.0797). A push lower and we would need to see 10773 broken to signal a move down to 1.0700. A break higher and 10850 and 10876 will be key.

Support levels: 1.0775 1.0751 1.0700

Resistance levels: 1.0797 1.0829 1.0850

Have a great day

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