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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 10/11/09


EUR/USD Current price: 1.4725

Pair turned bearish with U.S. opening,  supported by price under 20 SMA with a very light bearish slope, and indicators; however, seems we are in a consolidative stage, and we have an ascendant trend line, very close to current zone, at 1.4696. Clear new candle opening under that level is needed to see the pair gain some downside momentum, thus not seen at the moment. Clear break above 1.4785 would deny the bias and send the pair higher.

Support levels: 1.4696 1.4660 1.4620

Resistance levels: 1.4750 1.4785 1.4820

GBP/USD Current price: 1.5923

No doubts Pound remains the second weaker currency across the board, after greenback. Testing the strong 1.5920 support area keeps holding the downside, while real strong support comes at 1.5870 zone. Under that level, pair should extend downside rally close to the 1.5820 zone with no much problems in the middle. Hourly indicators remain clearly bearish as well as bigger time frames ones, while 20 SMA bearish slope should keep the upside capped.

Support levels:  1.5920 1.5870 1.5820

Resistance levels: 1.5960 1.6020 1.6060

USD/JPY Current price: 89.27

Pair seems to have find a bottom at the 88.00 area, still far from losing the big picture bearish perspective. Regaining the upside and with hourly indicators pointing for more recovery, pair has quite a resistance zone around 89.50, so a confirmation above that level is needed to see the pair extend current movement. Next key level to watch will be the 90.00 area, while a daily close above 90.40 will support the bias for next week.  Clearly under 88.50 view will be deny and pair will be ready to test the year lows at 87.15 zone.

Support levels: 89.10 88.60 88.20

Resistance levels: 89.50 90.00 90.40

USD/CHF Current price: 1.0315

Struggling with the 1.0320 resistance area, pair has a slightly bullish perspective for current session, supported by indicators; above daily high, expect the upside rally to extend, while 1.0250 seems to be today’s min base. Overall, pair remains in a consolidative stage, and only clearly above 1.0450 could confirm rises in the midterm, not seen at this point.

Support levels: 1.0290 1.0250 1.0210 1.0170

Resistance levels: 1.0320 1.0360 1.0400

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