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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 12/04/09


EUR/USD Current price: 1.5062

Pair fell to an intraday low of 1.5040 after ECB disappointed market with timid announcements regarding exit strategies. Hourly charts show indicators pointing for an upside corrective movement, with 20 SMA above current price at 1.5080 acting as firs dynamic resistance for next hours. Bigger time frames had turned bearish, with 4 hours charts signaling further falls after due correction. Still pair likely to remain contained ahead of U.S. Non Farm Payroll data.

Support levels:  1.5040 1.5000 1.4970

Resistance levels: 1.5080 1.5110 1.5145

GBP/USD Current price: 1.6548

Having bottomed around 1.6520 support zone, pair is attempting some upside corrective movement, supported by hourly indicators, yet still bearish after breaking the 1.6600 level. 4 hours charts show pair has a strong downside momentum while halted exactly at 200 EMA; we need a clear break under that 1.6520/30 area, to see the pair extending the downside. Key resistance level for next hour lies at 1.6620.

Support levels: 1.6520 1.6485 1.6460

Resistance levels: 1.6570 1.6620 1.6660

USD/JPY Current price: 88.24

Pair remains above the 88.00 level, as fear of further interventions persist among investors. Quoting barely under the daily descendant trend line, hourly charts price firm above 20 SMA with a strong bullish slope, while indicators are flat suggesting some consolidation ahead of next movements. Highly attached to Nikkei, if the index falls Japanese Yen could gain some ground and pair correct to the downside, with 87.50 as key support level to watch during next hours.

Support levels: 88.00 87.50 87.25

Resistance levels:  88.40 88.80 89.10

USD/CHF Current price: 0.9985

Still unable to regain the 1.0000 level firmly, hourly indicators turned to the downside, suggesting bearish strength remains intact in the However 4 hours indicators had turned bullish, limiting the downside to the 0.9960 support zone. Pair needs to regain the 1.0050/70 area, to actually gain upside momentum.

Support levels: 0.9960 0.9920 0.9880

Resistance levels:  1.0000 1.0030 1.0070

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