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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 11/08/09


EUR/USD Current price: 1.4874

Pair is holding inside past week range, still contained under the 1.4900 level, with a slightly bullish perspective in the hourly chart, as both momentum and CCI are close to cross the mid line, while current candle opened above 20 SMA. however, moving averages remain flat to confirm a bias, while pair has a gap from Friday’s close around 1.4840, first support for today. If this gives up, expect the pair to approach to next key support around 1.4800. To the upside, pair needs to regain the 1.4930 level, to gain some upside momentum.

Support levels: 1.4840 1.4800 1.4760

Resistance levels:  1.4890 1.4925 1.4970

GBP/USD Current price: 1.6630

Extending past week bullish rally, pair already reached a fresh high at 1.6655 before giving up some ground; however, hourly indicators remain bullish, as well as bigger time frames ones, suggesting more upside to come in the pair for the next sessions, as long as above 1.6600 static support zone. Pair needs to hold above the 1.6520 support level to keep the bullish bias intact; break under that zone, while likely signal deeper correction ahead.

Support levels: 1.6600 1.6550 1.6520

Resistance levels:  1.6660 1.6690 1.6735

USD/JPY Current price: 89.86

Still in past two months range, pair is far from any clear bias definitions, thus intraday bias remains slightly bearish as long as under 90.00. Ranging between 90.00/89.60, pair needs to break under the last to extend downside movement, supported by 20 SMA strongly bearish in the hourly. Indicators are flat, after past Friday’s bottom, suggesting upside movements likely to remain limited in the next hours.

Support levels:  89.60 89.20 88.80

Resistance levels: 90.00 90.35 90.70

USD/CHF Current price: 1.0158

Still holding the bearish bias, pair gapped to the downside turning indicators bearish in the hourly chart: 20 SMA at 1.0165 is acting as immediate resistance level, and only a clear acceleration above that level could sent the pair to test next key resistance zone around 1.0200. Pair needs at least a 4 hours candle opening above that level to lose the negative bias for next sessions, while under 1.0125, downside movements likely to accelerate later in the day.

Support levels: 1.0125 1.0090 1.0050

Resistance levels: 1.0200 1.0240 1.0285

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