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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 02/16/10


EUR/USD Current price: 1.3601

Unchanged since past Asian session update, the pair remained trapped between 1.3580/1.3640, in a very tiny this past Monday, due to China and US holidays. Hourly charts show flat indicators, giving no clear bias for next hours;  regional stock markets had a slightly bullish perspective for next hours, after some gains in European markets, thus with Wall Street closed, rises should remain limited.

4 hours charts remain bearish in the pair, yet we need a technical confirmation under mentioned 1.3580 zone to see the pair extending the downside to retest past week low of 1.5330.

Support levels: 1.3580 1.3530 1.3495

Resistance levels: 1.3640 1.3685 1.3710

GBP/USD Current price: 1.5667

Consolidating in a tight range, hourly indicators remain flat while bigger time frames had a slightly bullish perspective for current session, that should be confirmed above 1.5680 resistance area. As commented on previous update, 20 SMA in 4 hours charts is keeping the downside limited around 1.5635; a candle opening under that level should signal further falls in the pair, with next supports at 1.5585 area, ahead of past week low of 1.5530. To the upside, 1.5770 remains to be the key resistance level to watch.

Support levels: 1.5635 1.5585 1.5530 

Resistance levels: 1.5680 1.5720 1.5770

USD/JPY Current price: 90.05

Pair has gained some strength since early Asia opening, and quotes barely above the 90.00 level, where 100 SMA in the daily chart is located. Both 1 and 4 hours indicators look slightly bullish ahead of Nikkei opening, yet pair should overcome first resistance level around 90.25, to extend the rally to next strong level around 90.60. Failure to hold above 90.00, will find supports at 89.80 and 89.50 levels.

Support levels: 89.80 89.50 89.20

Resistance levels:  90.25 90.45 90.80

USD/CHF Current price: 1.0776

Pair has lost past week bullish momentum, and despite hourly indicators are to flat to tell, 4 hours charts had turned bearish, suggesting some downside pressure ahead. Pair needs to break under 1.0730 zone to confirm a stronger downside corrective movement, that could extend to the 1.0670 zone without harming past day’s bullish tone. Only under this last correction could turn into a stronger bearish movement that could reach the 1.0600 zone. Above 1.0800, any downside chance will be limited, and most likely pair will regain past week bullish momentum.

Support levels: 1.0730 1.0700 1.0670

Resistance levels: 1.0785 1.0820 1.0865

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