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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 11/17/09


EUR/USD Current price: 1.4887

Pair lost momentum after failing again to regain the 1.5000 area, and turned bearish in the hourly. Momentum points for further falls, while RSI approaches to oversold levels, still pair has room to fall under today’s low zone, 1.4850 and first support zone to consider. Under 20 SMA (red) and 200 EMA (violet), as long as above 1.4800/10 current movement could be understood as just corrective; break under this last should bring some downside acceleration as bigger time frames support the bias.

Support levels:  1.4850 1.4810 1.4740

Resistance levels: 1.4910 1.4940 1.4990

GBP/USD Current price: 1.6787

Failure above strong 50% retracement zone has put the pair back under some pressure, still very close to the 1.6800 area to call for further downside movements. Hourly indicators show pair could extend the movement to the key 1.6740 static support area, that will be key for intraday definitions: strong break under that level will mean further falls and send the pair to test next strong support zone around 1.6640/60.

Support levels: 1.6740 1.6690 1.6650

Resistance levels:  1.6810 1.6840 1.6880

USD/JPY Current price: 89.24

Pair has recovered the 89.00 level, after testing the 88.70/80 support area, and turned slightly bullish ahead of U.S. session, thus hourly indicators show some exhaustion, suggesting some downside movements first. Bigger time frames had also turned to the upside, suggesting the downside will remain limited today, still rises above 90.00 seem far away.

Support levels: 88.80 88.20 87.60

Resistance levels: 89.40 89.70 90.00

USD/CHF Current price: 1.0152

Bullish, hourly indicators show pair rally is a bit over extended to the upside, still with no signs of correction, suggesting a likely retest of the strong 1.0200 during next hours. If a short downside corrective movement takes place before a new up leg, pair has more chances to extend the rally above mentioned 1.0200, as bigger time frames support the view, yet will be more difficult for the pair, with over bought conditions in the hourly.

Support levels: 1.100 1.0060 1.0030

Resistance levels: 1.0170 1.0200 1.0240

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