Currency Majors Technical Perspective
Valeria Bednarik from FXstreet.com Independent Analyst Team at 12/16/09
EUR/USD Current price: 1.4550
As expected, upside corrective movement developed during Asian session, with pair reaching the 1.4580 resistance level, yet mostly sideways, waiting for the FOMC statement. Hourly charts indicators had turned slightly bearish after U.S. data, with dollar regaining strength supported also by falling gold price. Attempting to cross flat 20 SMA to the downside, yesterday’s low around 1.4510/20 is the key support to watch for further falls in the pair, while only a daily close above 1.4620 could reverse current bearish trend.
Support levels: 1.4510 1.4460 1.4420
Resistance levels: 1.4580 1.4620 1.4660
GBP/USD Current price: 1.6370
Pound keeps holding its’ past days strength, reaching at this moment the top of past days range. Hourly indicators seem a bit exhausted, yet 20 SMA along with bigger time frames indicators support the bullish bias, suggesting downside will remain limited, and mostly corrective. 200 EMA in the 4 hours charts around 1.6420/30 will be key level to watch as an acceleration above it could confirm further intraday rises.
Support levels: 1.6330 1.6250 1.6200
Resistance levels: 1.6380 1.6420 1.6460
USD/JPY Current price: 89.67
Unchanged since last update, pair is consolidating in a tight range around flat 20 SMA. Hourly indicators look slightly bullish while bigger time frames also support the bias, as pair keeps winning upside momentum. However, unless a clear confirmation above 90.30 resistance level, pair mostly remain limited in current range.
Support levels: 89.30 88.80 88.50
Resistance levels: 89.70 90.00 90.30
USD/CHF Current price: 1.0392
Downside correction was limited as expected and hourly indicators point for some upside continuation ahead. Slightly bullish, pair needs to break above 1.0425 yesterday’s high to accelerate to the upside. 4 hours charts had lost the overbought conditions, while pair remains above 20 SMA and gaining upside momentum.
Support levels: 1.0380 1.0340 1.0300
Resistance levels: 1.0425 1.04800 1.0530
