Currency Majors Technical Perspective
Valeria Bednarik from FXstreet.com Independent Analyst Team at 11/01/09
EUR/USD Current price: 1.4733
After testing 1.4680 pre interbank opening, pair strongly rebounded to current resistance level; with indicators exhausted to the downside in the hourly, pair could attempt some upside correction, thus limited by bearish 20 SMA and general market sentiment of increasing risk aversion. Pair needs to regain the 1.4780 to lose the bearish perspective, while break under 1.4680 support zone will accelerate downside momentum. If local shares follow Wall Street and fall, expect the pair to follow to the downside.
Support levels: 1.4710 1.4680 1.4640
Resistance levels: 1.4740 1.4780 1.4810
GBP/USD Current price: 1.6423
Quoting under past Friday’s low, pair holds a bearish bias as hourly indicators support so; bigger time frames indicators are looking strongly bearish, with price developing under 20 SMA at 1.6440, first resistance for next hours. Hovering around 200 EMA in the hourly, current candle close under 1.6405 will favor further falls in the pair for this Asian session.
Support levels: 1.6405 1.6380 1.6340
Resistance levels: 1.6440 1.6485 1.6520
USD/JPY Current price: 89.64
Pair gapped to the downside, reaching an intraday low of 89.15 before bouncing back to test 61.8% retracement of the last daily rally from 88.00 to 92.30. Pair could attempt to close the gap, yet only clear confirmations above 90.35 area will dilute strong bearish momentum; both hourly and 4 hours charts indicators point for further downside movements ahead, thus indicators are close to extremes. Corrective movements should remain under 90.00 to support current bias.
Support levels: 89.50 89.15 88.80
Resistance levels: 89.80 90.10 90.35
USD/CHF Current price: 1.0250
After opening to the downside, hourly indicators lost upside momentum and point for further downside movements, thus limited by strong 20 SMA with a bullish slope under current price. Tending higher, break above 1.0285 could trigger an upside rally; watch for the 1.0200 support to keep the downside capped.
Support levels: 1.0230 1.0200 1.0165
Resistance levels: 1.0285 1.0320 1.0370
