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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 11/12/09


EUR/USD Current price: 1.4922

Pair keeps pushing lower, approaching and rebounding slightly from the 1.4910 support zone; with indicators still bearish and with 20 SMA about to cut 55 EMA in the hourly above current price, a confirmation under mentioned lows, should trigger more downside movements, as both 1 and 4 hours indicators remain clearly bearish supporting the bias.

Support levels: 1.4910 1.4860 1.4820

Resistance levels: 1.4950 1.4980 1.5020

GBP/USD Current price: 1.6538

After reaching the 1.6480/1.6510 congestion zone, pair remains close to that lows, still under 20 SMA in the hourly, and with hourly indicators pointing for further falls; bigger time frames charts also lost upside momentum, and turned to the downside, supporting the bias. However, pair needs to clearly break under mentioned zone to extend the downside movement, as we also have the daily 20 SMA there, that usually acts as strong dynamic support/resistance level.

Support levels: 1.6520 1.6480 1.6440

Resistance levels:  1.6550 1.6590 1.6620

USD/JPY Current price: 89.98

Pair gain some upside momentum and seems ready to break the 90.00 resistance level, thus no clear confirmation comes from hourly indicators after so many candles inside the same range. Bigger time frames however, support further upside recoveries, as current candle is crossing 20 SMA with enough strength to support the bias. Above 90.30 area pair should accelerate, to hold the bias.

Support levels:  89.60 89.20 88.80

Resistance levels: 90.00 90.30 90.70

USD/CHF Current price: 1.0118

Above 1.0100, pair holds a slightly bullish momentum in the hourly chart, despite pair needs to confirm above 1.0130, 200 EMA in the hourly, to extend the rally. Bigger time frames also support the bias, while under 1.0100 vision is deny and pair likely to attempt a retest of the yearly lows.

Support levels: 1.0100 1.0065 1.0030

Resistance levels: 1.0130 1.0170 1.0200

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