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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 11/20/09


EUR/USD Current price: 1.4843

Rebound on the expected 1.4800/10 support area, has sent the pair to retest the 1.4860 zone, as indicators reached over sold conditions in the hourly chart. However, if the pair doesn’t manage to regain that zone and on contrary print a fresh low, chances are for further downside movements as 4 hours charts remain as bigger time frames also support the bias. Now struggling around 200 EMA in 4 hours charts, we need a clear candle opening under this level to confirm the view.

Support levels: 1.4840 1.4105 1.4750

Resistance levels: 1.4860 1.4890 1.4930

GBP/USD Current price: 1.6476

Pound is unable to trigger some upside correction despite oversold conditions clear in the hourly charts, and keeps pushing lower, well under 20 SMA. Crossing to the downside the 200 EMA in 4 hours charts and with indicators now strongly bearish pair points for further downside movements although an upside correction to 1.6520 area first could give bearish rally more strength. Under today’s low of 1.6459, pair could extend the rally to next support zone at 1.6410 quite fast.

Support levels: 1.6459 1.6410 1.6380

Resistance levels: 1.6520 1.6550 1.6600

USD/JPY Current price: 89.06

Pair has regained the 89.00 level and looks slightly bullish at this point, pointing for more upside rallies during next hours, still moving in a very tight range. Currently attempting to cross above 20 SMA in the 4 hours charts, a confirmation above that level will support the bullish bias, while under the 8.80 zone, further rises will remain limited for the rest of the day.

Support levels: 88.80 88.60 88.20

Resistance levels: 89.10 89.40 89.70

USD/CHF Current price: 1.0195

Pair breach briefly above the 1.0200 key level, reaching over bought conditions in the hourly, yet correction for now, remained capped by the 200 EMA in the 4 hours charts around 1.0185 and pair is back up; a retest of today’s high around 1.0220 will likely trigger further rises in the pair, with immediate resistance at 1.0240, followed by stronger 1.0285 zone. Only break under 1.0165 support intraday bias may change.

Support levels: 1.0165 1.0130 1.0100

Resistance levels: 1.0200 1.0240 1.0285

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