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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 10/18/09


EUR/USD Current price: 1.4894

Dollar starts the week slightly up against Euro, just under the 1.4900 level. Having formed a probable double roof figure on the hourly around 1.4965 highs, clearly under 1.4840 neck line pair could extend the downside thus negative sentiment likely halt any powerful dollar rally; current candle opened under 20 SMA while indicators are slowly turning down. Bigger time frames also support some falls for the next hours, yet break above 1.4920 will deny the bias and turn bullish. Gold remains the main market driver among currencies crosses.

Support levels: 1.4865 1.4840 1.4810

Resistance levels: 1.4920 1.4965 1.5000

GBP/USD Current price: 1.6316

Gbp opened lower after past week late recovery to the 1.6400 area. Still in range, pair needs to clearly break under the 1.6200 level to turn bearish, while above mentioned highs could extend the upside. 4 hours indicators still look a bit exhausted to the upside thus 20 SMA remains strongly bullish. Above 1.6350 area, first static resistance level, pair could regain the 1.6400 area ahead of 1.6470 stronger level. 

Support levels: 1.6260 1.6230 1.6200

Resistance levels: 1.6350 1.6400 1.6470

USD/JPY Current price: 90.93

Japanese yen continues losing ground, hovering above the 91.00 area. Slightly bullish in the hourly, pair needs to break above 91.30 past week high to extend the upside. 20 SMA is offering some resistance at current levels, yet remains bullish: candle opening above it could confirm some more upside to come.

Support levels: 91.15 91.40 91.75

Resistance levels: 90.70 90.40 90.10

USD/CHF Current price: 1.0177

Pair remains bearish after early opening, with indicators in the hourly suggesting downside pressure remains intact. 20 SMA is offering some support now, yet a candle opening under it could confirm downside acceleration. Break under past week low, will approach pair to parity as expected.

Support levels: 1.0150 1.0110 1.0075

Resistance levels: 1.0200 1.0230 1.0275

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