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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 10/19/09


EUR/USD Current price: 1.4929

Euro regained the upside after testing as low as 1.4826 in early Asia. European session started with a rush of risk appetite, following also rising gold prices. Hourly indicators are slightly bullish while bigger time frames also support the bias: immediate resistance comes at 1.4946 recent high, followed by 1.4965 zone. Above that level, pair will likely attempt to reach 1.5000 in the next hours; downside seems limited at this point by today’s low.

Support levels: 1.4900 1.4865 1.4826

Resistance levels: 1.4946 1.4965 1.5000

GBP/USD Current price: 1.6268

Pair remains consolidating with a slightly bearish perspective at this point. 20 SMA still flat above current level in the hourly, needs to turn to the downside to support indicators that turned down. 4 hours charts still show upside limited while 1.6200/10 is still the support zone to watch for a break lower.

Support levels: 1.6260 1.6230 1.6200

Resistance levels: 1.6350 1.6400 1.6470

USD/JPY Current price: 90.43

After failing to hold above 91.00, pair continues printing lower lows on the day. Hourly indicators reached oversold conditions in the hourly, yet no signs of reversal yet; pair can reach the 90.00 zone before starting an upside correction. Under 90.00, corrections to the upside will be more limited and pair could regain bearish momentum.  Only above 91.30, not seen today, pair can change to the upside.

Support levels: 90.00 89.70 89.40

Resistance levels: 90.70 91.00 91.35

USD/CHF Current price: 1.0135

Clearly bearish, pair continues approaching to parity as commented in older updates. Immediate support comes at the 1.0115 past week lows, while break under that level could accelerate selling as indicators support the bias.

Support levels: 1.0115 1.0075 1.0020

Resistance levels: 1.0175 1.0200 1.0230

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