Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 12/21/09

 

EUR/USD Current price: 1.4353


Pair remains ranging close to this month low, unable to gain some upside momentum. Bigger time frames show pair still bearish thus over sold, suggesting some limited upside corrective movements ahead. Above 1.4375 area, correction could extend to 1.4460 the most during next sessions. Break under 1.4265, past week low, should signal on the contrary, further falls.

Support levels: 1.4300 1.4265 1.4225

Resistance levels:  1.4375 1.4410 1.4460

GBP/USD Current price: 1.6117


Still bearish, hourly indicators show downside had reached a bottom around 1.6070 area, and some upside correction could be expected if pair manages to break above 20 SMA in the hourly, around 1.6140, first resistance for next hours. The upside should remain capped under 1.6200 to keep current bearish perspective healthy.

Support levels:  1.6100 1.6065 1.6020

Resistance levels: 1.6140 1.6200 1.6250

USD/JPY Current price: 90.64


Pushing higher, pair holds a slightly bullish perspective in the hourly chart, as well as in bigger time frames; gaining upside momentum and approaching to 90.70/80 resistance area, confirmations above 91.00 should trigger more upside momentum in the pair, while falls under 90.00 seem unlikely today.

Support levels: 90.30 90.00 89.60

Resistance levels: 90.75 91.00 91.40

USD/CHF Current price: 1.0417


Holding above 1.0400 after SNB non official movement, indicators remain mostly flat in the hourly chart, yet pair holds some   slightly bearish tone; we need a clear break above 1.0440 level to confirm more upside during next hours, while under 1.0365 pair could extend the fall to the 1.0320 area.

Support levels: 1.0400 1.0365 1.0320

Resistance levels: 1.0440 1.0480 1.0510