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Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 12/31/09


EUR/USD Current price: 1.4385

Tending lower in the hourly chart, pair lost upside momentum after U.S. data and has a slightly bearish perspective for this American session. Failure to hold above 1.4400 suggests more downside ahead of 1.4365, yesterday’s high area; 4 hours chars also show some downside pressure ahead as indicators seem exhausted, thus low volume likely to keep pair ranging rest of the day.

Support levels: 1.4365 1.4330 1.4305

Resistance levels: 1.4410 1.4440 1.4460

GBP/USD Current price: 1.6196

Following past Wednesday upside momentum, pair reached 1.6230 area, from where we see a slightly downside correction due to extreme overbought conditions reached after 400 pips straight rally. Tending lower, first support lies at the 1.6160 area, ahead of 1.6110, where strongly bullish 20 SMA in the hourly chart, should halt the downside.

Support levels: 1.6160 1.6110 1.6060 

Resistance levels:  1.6200 1.6230 1.6250

USD/JPY Current price: 92.76

USD/JPY reached a fresh weekly high at 92.77 and remains close to that level after U.S. data. Testing the 92.80 resistance zone, ahead of 93.10 intermediate resistance for next hours, ahead of the 93.40 strong area, past September high. Hourly indicators show upside momentum persist, supporting further rises in the pair even midterm ones.

Support levels: 92.60 92.30 92.10 

Resistance levels:  92.80 93.10 93.40

USD/CHF Current price: 1.0325

Regaining some upside strength, Swiss Franc is back above the 1.0320 resistance zone, and testing 20 SMA in the hourly chart. With a slightly positive bias for next hours, only a confirmation above 1.0365 could open doors for further rallies today. 

Support levels: 1.0320 1.0280 1.0230

Resistance levels: 1.0365 1.0400 1.0440

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