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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 10/12/09


EUR/USD Current price: 1.4740

Euro started the week well bid, with a bullish tone both in 1 and 4 hours charts.  Hourly indicators are giving continuation signals, with current candle opening above 20 SMA, suggesting more upside to come; 4 hours ascendant trend line coming from 1.4560 low remains valid as no 4 hours candle opened under it. Japan will remain close on holiday, yet regional markets likely rise following past Friday’s Wall Street gains; expect movements to remain moderate during current session.

Support levels: 1.4710 1.4685 1.4660 

Resistance levels: 1.4750 1.4785 1.4820

GBP/USD Current price: 1.5857

Pound hold the bearish tone, yet hourly charts suggest some upside correction ahead of another leg dow. Hourly indicators seem to have bottomed, yet 1.5860/70 strong resistance area, should keep the upside limited. Only a clear confirmation above that level, could extend upside correction close to next key resistance level 1.5920. Under 1.5825, current low, next supports come at 1.5800, and 1.5760 zone. 

Support levels:  1.5825 1.5800 1.5760

Resistance levels: 1.5870 1.5920 1.5960

USD/JPY Current price: 89.84

Japanese yen continues losing ground, approaching to key 90.00 area; hourly indicators however, lost upside momentum, suggesting no much upside strength in the pair. Above 90.10 area, pair could extend the upside rally to next strong level 90.35/45 area, that if broken could confirm more upside bias for this week, still not seen. Pair should remain above 89.20 support to hold the bias.

Support levels: 89.60 89.20 88.80

Resistance levels: 90.10 90.40 90.80

USD/CHF Current price: 1.0309

Pair holds around 1.0300/20 area, attempting to regain the 20 SMA still flat; indicators remain slightly bearish in the hourly chart, pair needs to break under 1.0280 to confirm more downside pressure during next hours. However, break under 1.0250 seems unlikely at this point. Only clearly above 1.0420/450 strong resistance area, pair can lose the negative current bias

Support levels: 1.0290 1.0250 1.0210

Resistance levels: 1.0320 1.0360 1.0400

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