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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 11/13/09


EUR/USD Current price: 1.4851

Close to past Thursday lows, indicators show pair oversold in the hourly, suggesting some downside correction before a new leg down. However, upside corrective movements likely to remain capped by the 1.4880 area, as 4 hours charts indicators show pair strongly bearish and still with room to fall. Confirmations under strong 1.4810 support area, will confirm further selling in the pair, that would probably take leads from commodities and stocks after Japan opening.

Support levels: 1.4810 1.4760 1.4720

Resistance levels: 1.4880 1.4930 1.4950

GBP/USD Current price: 1.6584

Pair failed again to break the strong 1.6480/6510 congestion support area, still capped in the hourly by 200 EMA. With no clear coming from hourly charts, as candles have a slightly bullish bias, while indicators seem exhausted to the upside, bigger time frames favor some upside recovery, thus limited by bearish 20 SMA in the 4 hours charts around 1.6660. Clear break and acceleration under 1.6480, will likely send the pair lower in the next sessions.

Support levels: 1.6550 1.6510 1.6480

Resistance levels:  1.6590 1.6620 1.6660

USD/JPY Current price: 90.28

Forming a small continuation figure in the hourly, and ascendant channel with the base around 90.20 as long as above that support pair has further chances to the upside despite exhausted hourly indicators, with 90.65 area as first resistance level to consider, ahead of stronger 91.00 area, that won’t be easy to break. Under 90.00, further rises will remain strongly limited for next sessions, and pair likely to retest base of weekly range around 89.50.

Support levels:  90.20 89.80 86.50

Resistance levels: 90.65 91.00 91.35

USD/CHF Current price: 1.0165

Early rally has left hourly indicators showing overbought conditions, and pair pointing for some downside corrective movement ahead thus short lived; pair should hold above 1.0130, 200 EMA and 20 SMA in the hourly last one strongly bullish, to keep the bullish bias. Confirmations will come above strong 1.0200 area.

Support levels: 1.0165 1.0130 1.0100

Resistance levels: 1.0200 1.0240 1.0285

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