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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 12/02/09


EUR/USD Current price: 1.5072

Still close to daily yearly highs, pair is turning slightly bearish in the hourly, pointing for some downside corrections ahead. Under 20 SMA and close to 1.5060 support zone, an acceleration trough that level likely to send the pair lower, to test next static support zone between 1.5000/20. 4 hours charts indicators, also look exhausted to the upside, supporting the corrective movement.

Support levels:  1.5060 1.5020 1.4970

Resistance levels: 1.5100 1.5145 1.5180

GBP/USD Current price: 1.6657

Retreating from 1.6700 area, pair is attempting to break under 1.6660 support. Bearish indicators in the hourly chart also support some downside corrections ahead, thus pair broke and remains above the daily descendant trend line, so general bias remains to the upside. 1.6620 in next support in line, pullback to the mentioned trend line. Above today’s high, key level to watch is 1.6740 as daily close above that zone will suggest further rises for next sessions.

Support levels: 1.6660 1.6630 1.6570

Resistance levels: 1.6700 1.6740 1.6790

USD/JPY Current price: 87.22

Pair managed to regain the 87.00 level, yet remains capped under this week high of 87.50. Consolidating in between those levels, hourly indicators are slightly bullish at this point, yet pair could extend the rally only after a clear confirmation above mentioned 87.50. Under 87.00, chances of further recovery are limited, and pair likely to retest the 86.50 area.

Support levels: 87.00 86.50 86.10

Resistance levels: 87.50 88.00 88.35

USD/CHF Current price: 1.0000

Not much change since last update, pair spent most of the past two sessions consolidating just below parity. Attempting some upside recovery, we need to see the pair regain the 1.0030 level to gain some upside momentum. Hourly indicators, slightly bullish at this point, support the bias. Still movement should remain corrective.

Support levels: 0.9960 0.9920 0.9880

Resistance levels: 1.0030 1.0070 1.0100

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