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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 10/30/09


EUR/USD Current price: 1.4837

Barely holding under the 38.2% of the last daily up leg, hourly indicators seem exhausted to the upside suggesting some downside correction to come, as long as pair don’t break above yesterday’s high zone of 1.4860. Bigger time frames however remain strongly bullish, and with NIKKEI 225 opening 1.3% up above 10000, expect the pair to extend current rally, as long as above 1.4770 support zone and local shares remain in positive territory.

Support levels:  1.4810 1.4770 1.4740

Resistance levels1.4860 1.4890 1.4930

GBP/USD Current price: 1.6549

Hourly charts show pair forming a small continuation figure, with key 1.5520 static support as base. Hourly indicators look a bit exhausted to the upside after last American session rally, while bigger time frames ones remain strongly bullish. As long as mentioned level hold, the bias for the pair is to the upside; corrections could extender further if 1.6520 gives up, with a likely target int 1.6440 area.

Support levels:  1.6520 1.6480 1.6440

Resistance levels:  1.6600 1.6640 1.6690

USD/JPY Current price: 91.46

Consolidating between 91.30/91.60, pair should remain at least above 91.00 area to continue rising, as hourly indicators point for some downside movement for the next hours. Clearly above yesterday’s high of 91.60, pair should attempt to test the 92.00 key area, while 92.30/50 zone remains the key level to overcome to confirm a midterm continuation.

Support levels: 91.35 91.00 90.70

Resistance levels:  91.70 92.00 92.35

USD/CHF Current price: 1.0181

Consolidating close to daily lows, pair remains above 200 EMA in the hourly charts, with indicators mostly flat at the bottom, yet with 20 SMA above current price and strongly bearish. Bigger time frames continue giving bearish signals so a confirmation under current range low, around 1.01700 will likely trigger a downside continuation rally.

Support levels: 1.0130 1.0100 1.0065

Resistance levels: 1.0200 1.0240 1.0285

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