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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 12/29/09


EUR/USD Current price: 1.4438

Pair finally broke higher above the 1.4420 resistance, now support zone, and holds above it after worst than expected U.S. housing price report. Consolidating close to daily highs, hourly indicators are losing upside momentum yet pair likely remain on hold till U.S. Consumer Confidence data. 4 hours charts support some upside movements, so as long as above 1.4410/20 area, pair remains slightly bullish for today.

Support levels: 1.4420 1.4380 1.4350

Resistance levels:  1.4445 1.4460 1.4485

GBP/USD Current price: 1.6009

Slightly bullish still unable to leave this 1.600 area, pair reached an intraday high around 1.6065, first resistance area for next hours. Slightly bullish in the hourly chart, pair needs at least to open an hourly candle above 1.06035 to confirm some upside continuation, while break under 1.5965 support area likely to signal further falls for today.

Support levels: 1.5965 1.5920 1.5880

Resistance levels:  1.6035 1.6065 1.6100

USD/JPY Current price: 91.75

Still capped under 91.85, pair remains inside a tight range with a slightly bullish perspective for next hours. Above 20 SMA in the hourly chart, and with flat indicators, 4 hours ones hold the bullish tone. As commented on previous updates, pair needs to clearly accelerate above 91.85 strong resistance level, to confirm the follow trough. Movements under 91.10 are not seen today.

Support levels:  91.30 91.10 90.80

Resistance levels:  91.85 92.10 92.40

USD/CHF Current price: 1.0305

Swiss Franc remains the strongest currency across the board, having reached early Europe a 3 weeks low of 1.0278. Correcting to the upside, general trend remains strongly bearish in the pair, as long as under 1.0320 resistance area. Above that, 1.0365 is next level to watch, yet only confirmations above 1.0400 could change current intraday trend.

Support levels: 1.0280 1.0230 1.0200

Resistance levels: 1.0320 1.0365 1.0400

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