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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 11/24/09


EUR/USD Current price: 1.4975

After U.S. GDP under expectations, yet at 2.8%, pair is almost unchanged. Hourly indicators show pair is losing previous upside strength, with price action closely attached to gold movements rather than stocks. Still trading in weekly range pair needs to strongly clear the 1.5000/20 level to trigger an upside acceleration, not seen at this point. Watch for a break under today’s low around 1.4880 support, to trigger some bearish movements in the next hours.

Support levels: 1.4930 1.4900 1.4880

Resistance levels: 1.5020 1.5060 1.5100

GBP/USD Current price: 1.6587

Still capped under 1.6620, 38.2% retracement of the last daily fall, intraday bias for the pair remains slightly bearish, as hourly indicators remain flat while 4 hours charts show price action unable to break above bearish 20 SMA while indicators keep pointing for further falls. First support comes at the 1.6550 area, while 1.6480 today’s low should give up to trigger further falls.

Support levels: 1.6550 1.6520 1.6480

Resistance levels: 1.6585 1.6620 1.6660

USD/JPY Current price: 88.50

Unable to hold above 89.00, pair printed a fresh 6 weeks low at 88.35 after U.S. data, and holds under 88.60 now resistance area. Still bearish yet a bit over extended to the downside, above mentioned 88.60 pair could trigger some upside corrective movements, still capped under 89.00. Daily descendant trend line today lies at the 89.40 area, and only clearly above that level pair could change current trend.

Support levels: 88.35 88.00 87.60

Resistance levels: 88.65 89.00 89.40

USD/CHF Current price: 1.0096

Testing the 1.0100 level, pair remains in range, with no clear bias coming from indicators. Slightly bearish, break under 1.0070 could trigger some downside reaction yet 1.0030 yearly low seems to be a hard point to break at current conditions. Above 1.0130, pair should regain some strength and move close to the roof of the range around 1.0200.

Support levels: 1.0070 1.0030 0.9980

Resistance levels: 1.0100 1.0130 1.0165

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