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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 11/25/09


EUR/USD Current price: 1.5060

Pair is showing signs of exhaustion in the hourly chart, and ready to trigger some downside correction, if manages to confirm under 1.5060, previous yearly high. Still bias remains strongly bearish and price behavior attached to gold. As long as the metal remains strong, chances of a dollar recovery are very few. Above current high, next resistance comes at the 1.5150 area that should make the pear retreat briefly.

Support levels: 1.5060 1.5020 1.4980

Resistance levels: 1.5100 1.5150 1.5185

GBP/USD Current price: 1.6670

Pound halted the recovery just around the 61.8% retracement of the last daily fall, unable to confirm further rises,  with a candle opening above it. Inside a consolidation stage, only under 1.6660 pair could trigger some downside corrective movement, while above 1.6740 will confirm further rises.  Bigger time frames indicators remain bullish, despite hourly ones show some signs of exhaustion.

Support levels: 1.6660 1.6620 1.6570

Resistance levels: 1.6740 1.6800 1.6840

USD/JPY Current price: 87.52

Break under 88.00 level has accelerated the fall in the pair, close to this year low. Despite downside extreme readings in indicators, pair has no signs of changing bias or correcting, so a test of the 87.15 level seems more than likely at this point. Under that zone, expect the sell off to accelerate strongly. Only a recovery above 89.30, daily descendant trend line, could halt the fall, yet seems quite unlikely at this point.

Support levels: 87.15 86.60 86.20

Resistance levels: 87.80 89.10 89.30

USD/CHF Current price: 1.0018

Pair has fell briefly under parity, and remains very close to it, still bearish in 4 hours charts, yet oversold in the hourly. Pair needs at least to recover the 1.0030 level, to start some upside corrective movement, while a break under 0.9980 likely to accelerate sell off. 

Support levels: 1.0000 0.9980 0.9920

Resistance levels: 1.0030 1.0070 1.0100

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