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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 12/24/09


EUR/USD Current price: 1.4369

Pair reached 1.4410/20 area sending hourly indicators to overbought conditions, that quickly gave up after better than expected U.S. data. Turning bearish, 20 SMA has lost the bullish slope, and pair continues falling with Wall Street opening higher. Bigger time frames show pair has corrected around the 23.6% of the last daily downside rally, still not suggesting a downside continuation: we need a confirmation under 1.4350 to see the pair accelerate the fall.

Support levels: 1.4350 1.4320 1.4280

Resistance levels:  1.4380 1.4410 1.4460

GBP/USD Current price: 1.5951

Generally bearish, Pound failed to hold above 1.6000 level reached early Europe, and turned clearly bearish, supported by 1 and 4 hours indicators. 20 SMA in the 4 hours charts still bearish has capped the upside, suggesting the pair won’t recover easily. Watch for the 1.5920 support, this week low, for a break and downside acceleration if U.S. stocks hold the positive tone.

Support levels: 1.5920 1.5880 1.5820

Resistance levels:  1.5980 1.6010 1.6060

USD/JPY Current price: 91.63

Unchanged since past update, pair remains holding above the the 91.30 area, and is back near to weekly highs, still generally bullish Acceleration above 91.85 should send the pair to test the 92.40 level as long as 91.30 holds the downside. Hourly indicators are clearly bullish, supporting further upside continuation ahead of this session.

Support levels:  91.30 91.10 90.80

Resistance levels:  91.85 92.10 92.40

USD/CHF Current price: 1.0374

Pair is pushing strongly higher following EUR/CHF that is regaining the 1.4900 level. With indicators pointing for further rises, pair needs to clear the 1.0400 resistance level to extend current rally, to the 1.0440 area.

Support levels: 1.0360 1.0320 1.0280

Resistance levels: 1.0400 1.0440 1.0480

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