Currency Majors Technical Perspective

Valeria Bednarik from FXstreet.com Independent Analyst Team at 12/30/09

 

EUR/USD Current price: 1.4310


Approaching to daily low, pair shows strong bearish momentum before Wall Street opening and ahead of Chicago PMI. Hourly indicators point for further losses in the pair during next sessions, with 1.4280 area as immediate support to consider, with the pair likely addressing to the lows 1.42. Upside should remain capped by 1.4365 strong resistance area.

Support levels:  1.4280 1.4250 1.4215

Resistance levels: 1.4330 1.4365 1.4410

GBP/USD Current price: 1.5903


Rebounding strongly to the upside after the release of an U.K. hostage in Iraq, pair is practically at past Asian session opening level. Hourly charts seem slightly bullish at this point, thus 1.5920 resistance area remains key level to watch: only a break and confirmation above that level, will open doors for further rises in the pair, while back under 1.5870 area will deny further rises and send the pair back to test daily lows around 1.4830.

Support levels: 1.5865 1.5830 1.5790

Resistance levels:  1.5920 1.5965 1.6000

USD/JPY Current price: 92.40


As commented on previous updates, pair remains bullish due to general Japanese Yen weakness against most rivals. Consolidating around 92.40, hourly indicators seem a bit exhausted to the upside, thus downside corrections should be short lived and limited at this point. Above 92.80, pair will be ready to extend the rally during next January.

Support levels: 92.10  91.85 91.40

Resistance levels:  92.80 93.10 93.40

USD/CHF Current price: 1.0390


Approaching to the 1.0400 area, pair has a slightly bullish perspective for current session supported both by 1 and 4 hours indicators. Confirmations above 1.0400 static resistance area, should trigger more upside momentum and send the pair to test the 1.0440 zone. Watch for 1.0365 to keep the downside capped.

Support levels: 1.0365 1.0320 1.0280

Resistance levels: 1.0400 1.0440 1.0485