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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 12/08/09


EUR/USD Current price: 1.4766

Euro slide extended since Europe opening, having print afresh weekly low at 1.4726 so far today. Hourly indicators remain bearish yet a bit overextended to the downside, yet falling gold price and stocks likely to keep pair under pressure. 4 hours charts indicators also support further falls, thus pair has quite a strong congestion zone, around 1.4680/1.4700. Clear break under could accelerate current bearish trend.

Support levels: 1.4720 1.4680 1.4625

Resistance levels: 1.4790 1.4830 1.4860

GBP/USD Current price: 1.6292

Pound remains under selling pressure, having reached with U.S. opening the key 1.6250 support zone. Over sold in the hourly chart, pair could trigger some upside corrective movement above 1.6310/20 area, while under today’s low, pair has a quite clear way to the 1.6200 level. Bigger time frames show pair has room to extend to the downside, despite approaching to over sold conditions also.

Support levels: 1.6250 1.6200 1.6160

Resistance levels: 1.6320 1.6380 1.6410

USD/JPY Current price: 88.48

Risk aversion send the pair under 38.2% retracement of the daily rally 84.80/90.76, where pair is attempting a shy upside recovery; hourly indicators had bottom yet 20 SMA is showing a strong bearish slope, and should keep the upside capped, around 89.00. Bigger time frames support the bearish bias for next hours.

Support levels:  88.20 87.70 87.30

Resistance levels:  88.60 89.00 89.35

USD/CHF Current price: 1.0230

Pair keeps pushing higher, still unable to clearly overcome the 1.0240 resistance area. Losing momentum in the hourly chart, corrective movements should remain above 1.0200 to keep current bullish trend alive, while a confirmation above today’s high likely trigger further rises for next sessions.

Support levels: 1.0200 1.0170 1.0135

Resistance levels:  1.0240 1.0285 1.0320

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