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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 12/11/09


EUR/USD Current price: 1.4676

Pair failed to regain the 1.4780 area and is back down despite the triangle we have been following here. Quoting at daily lows, and with bearish indicators in the hourly chart, pair is approaching to the weekly low of 1.4665, that if gives up, will trigger more selling pressure to the 1.4620 area. This last is quite a strong support, so a break and close of the week under it, likely confirm further falls for next week

Support levels:  1.4665 1.4620 1.4580

Resistance levels:  1.4720 1.4750 1.4780

GBP/USD Current price: 1.6245

Quickly falling pair remains still inside past days’ range, quoting barely under 1.6250 strong level. Bearish in the hourly chart, with indicators support further falls and under 20 SMA pair needs to clear next support around 1.6200 to extend the fall; bigger time frames indicators had lost bullish strength and turned down supporting the bias.

Support levels: 1.6200 1.6160 1.6120

Resistance levels: 1.6250 1.6310 1.6340

USD/JPY Current price: 89.38

Dollar strength has send the pair above the 89.00 area, with pair currently halting the rally at the 23.6% retracement with the hourly indicators a bit overextended to the upside, supporting some downside corrections before next run, that should remain capped at the 89.00 support zone. Above 89.50, pair should regain upside momentum, and approach to key 90.00 zone.

Support levels:  89.00 88.60 88.20

Resistance levels:  89.50 89.90 90.30

USD/CHF Current price: 1.0292

Regaining upside momentum pair is still unable to confirm a break above the 1.0300/20 resistance level. However, this run higher should favor further rises ahead, as long as pair remains above 1.0240 support level. Bigger time frames support the bias, as current candle broke above bullish 20 SMA in 4 hours charts.

Support levels: 1.0285 1.0240 1.0200

Resistance levels:  1.0300 1.0345 1.0380

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