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Currency Majors Technical Perspective

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


EUR/USD Current price: 1.4874

Consolidating under 1.4880 area, pair has lost upside momentum, yet remains above key 1.4810 support area, that hold the downside; hourly indicators turned flat, suggesting not enough upside strength at this point, while price remains under 20 SMA that crossed 200 EMA also, also limiting further rises. 4 hours charts however, hold the bullish bias, as long as above mentioned key support zone. Pair needs either to regain 1.4920/40 area or clearly break under 1.4800/10 to define intraday trend.

Support levels:  1.4850 1.4810 1.4740

Resistance levels: 1.4910 1.4940 1.4990

GBP/USD Current price: 1.6815

Still struggling with 20 SMA in the hourly chart, indicators lost momentum while 20 SMA has turned flat in the hourly; however bigger time frames show pair in a consolidation stage still bullish, suggesting more upside pressure for next hours, as long as 1.6740 strong static area holds the downside. Pair needs to break and accelerate under that zone to extend a downside rally, while confirmations above 1.6840 will likely send the pair back to the 1.6880/1.6900 area.

Support levels: 1.6770 1.6740 1.6685

Resistance levels:  1.6840 1.6880 1.6920

USD/JPY Current price: 89.22

Not much change since last update, pair remains above the 89.00 level, and back moving in tight ranges. Having formed a probable double floor in the hourly around 88.75, neck line lie around 89.10, that should hold the downside to consider the figure valid, and see the pair attempting to move higher. Under that level, bearish pressure will come back to play in the pair, and break under that 88.75 support zone, likely to trigger some downside acceleration; meanwhile the upside likely to remain capped by the 90.00 area during next sessions.

Support levels: 89.10 88.80 88.20

Resistance levels: 89.40 89.70 90.00

USD/CHF Current price: 1.0158

Correcting to the downside after failing to regain key 1.0200 level, hourly indicators had turned slightly bearish despite price keeps moving above 20 SMA with a strong bullish slope. 4 hours charts also turned to the downside, favoring further falls in the pair, under the 1.0130 area; as commented on previous updates, only clearly above 1.0200 pair will lose some of current bearish trend.

Support levels: 1.0130 1.1000 1.0060

Resistance levels: 1.0170 1.0200 1.0240

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