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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 02/17/10


EUR/USD Current price: 1.3762

Pair is approaching to Japan opening very close to the daily high, suggesting more upside momentum to come during current session. Strong recovery in Wall Street suggests current local share markets will follow the risk appetite sentiment, supporting further rises in the pair. Despite overbought in the hourly, momentum corrective movement seem complete, while 20 SMA under current price regained a strong bullish slope; 4 hours charts also support the bias. 1.3800, 50% retracement of past year bullish rally seems to be first key resistance area to beat to confirm further continuations during next sessions.

Support levels: 1.3720 1.3680 1.3640

Resistance levels: 1.3780 1.3800 1.3850

GBP/USD Current price: 1.5778

Failure above 1.5700 has put the pair back under pressure. Current hourly candle acceleration Consolidating above 1.5770 strong zone, hourly indicators show pair losing upside momentum yet unless an acceleration trough mentioned zone, bias according to bigger time frames and general market sentiment remains bullish. 20 SMA under current price slope support the bias; under mentioned 1.5770 zone, 1.5720 is next support in line, as it has been a strong resistance area the last couple of days. Lose of such support will turn current movement into a false break up, not really likely at this point.

Support levels: 1.5770 1.5720 1.5685 

Resistance levels: 1.5820 1.5860 1.5900

USD/JPY Current price: 90.21

Still hovering around the 90.20 resistance zone, after retreating from 90.50 area, pair needs to overcome this last to confirm an upside continuation for next sessions;  with hourly indicators flat, daily candle opened just above 100 SMA in the daily, suggesting that as long as above 90.00, bias is bullish.

Support levels: 90.00 89.80 89.50

Resistance levels:  90.25 90.45 90.80

USD/CHF Current price: 1.0662

Pair fell strongly past American session, following a return of risk appetite. Accelerating trough 1.0700 support, now first resistance level to watch, leave the pair in oversold conditions in the hourly chart, still price is just consolidating at daily low, with no clear signs of an upside corrective movement. A confirmation above 1.0670 could send the pair back to the 1.0700 area, ahead of 1.0730, yet under past Monday low, expect a downside extension for next sessions.

Support levels: 1.0650 1.0620 1.0580

Resistance levels: 1.0670 1.0700 1.0730

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