Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 12/17/09

 

EUR/USD Current price: 1.4364


Oversold after reaching an intraday low around 1.4330, hourly indicators are saturated in the bottom, giving no signs of an upside corrective movement ahead, thus some upside correction is likely as 4 hours charts are also oversold, however, 20 SMA strongly bearish above current price, should keep the upside limited.

Support levels: 1.4330 1.4270 1.4230

Resistance levels:  1.4390 1.4420 1.4460

GBP/USD Current price: 1.6134


Correcting to the upside, pair also looks exhausted in the hourly chart, thus bigger time frames hold a strong downside momentum. Only above 1.6160 we could see a stronger upside correction approaching to 1.6200 area, while under today’s low of 1.6020, pair could resume downtrend and approach to 1.5920 area.

Support levels:   1.6020 1.5970 1.5920

Resistance levels: 1.6160 1.6200 1.6250

USD/JPY Current price: 89.95


Fighting the 90.00 level, pair remains bullish in the hourly chart, thus indicators are losing upside momentum, suggesting a likely downside correction that should remain capped above 89.50/60 area, to support current bullish bias. 4 hours charts are also losing strength, supporting the corrective movement ahead of U.S. opening. Confirmations above 90.30 should favor further rises for next sessions.

Support levels: 89.60 89.30 88.80 

Resistance levels:  90.00 90.30 90.70

USD/CHF Current price: 1.0474


Pair reached the 1.0500 level, as well as overbought conditions in both 1 and 4 hours charts. Correcting slightly to the downside, as long as above 1.0440 bullish trend remains intact. Break above today’s high should send the pair to key 1.0550 level, that has been a quite strong support in the past. Weekly close above that level, will confirm a stronger upside trend to come.

Support levels: 1.0440 1.0410 1.0380

Resistance levels:  1.0510 1.0550 1.0590