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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 11/30/09


EUR/USD Current price: 1.4976

Pair opened strongly bullish gapping above the 1.5000 level, only to quickly come back to past American session close zone. Quoting at 1.4975, indicators in the hourly chart remain bullish, while price remains above 200 EMA and 20 SMA that is turning up after losing its bearish slope. 4 hours charts also turned bullish, with RSI cutting downside up the 50 level, while momentum turned to the upside. Pair needs to confirm above strong congestion zone around 1.5020, to extend the rally.

Support levels:  1.4970 1.4930 1.4880

Resistance levels: 1.5020 1.5060 1.5100

GBP/USD Current price: 1.6487

Regaining some upside strength, hourly indicators had turned strongly bullish after pair opened with a gap to the upside at the 1.6520 zone; however, Pound was unable to hold the level, quickly approaching to key support at 1.6460, that should hold to support the bullish bias, also clear un 4 hours charts. If the last gives up, pair could extend the fall, as the zone has been acting as strong static support in the pair.

Support levels: 1.6460 1.6410 1.6375

Resistance levels: 1.6520 1.6550 1.6600

USD/JPY Current price: 86.69

Losing some ground, Japanese yen remains under key resistance level around the 87.00 area, previous yearly low, and 50 % retracement of last weekly fall. Slightly bullish, general trend remains strongly bearish in the pair, thus we should not discard an upside corrective movement, that could extend to the 87.50 area, 61.8% retracement of the same rally. Under 86.50 support, 20 SMA in the hourly and 38.2% retracement, pair likely resume downtrend.

Support levels: 86.50 86.10 85.70

Resistance levels: 87.00 87.50 87.90


USD/CHF Current price: 1.0055

Bearish in the hourly chart, indicators support further falls as pair remains under the 1.0100 level and approaching to parity. 20 SMA above current price around 1.0100 static level, should offer strong resistance to the upside, while under 1.0030, previous yearly low, pair likely to accelerate the fall. Bigger time frames, also support the bias.

Support levels: 1.0030 0.9960 0.9920

Resistance levels: 1.0070 1.0100 1.0135

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