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Currency Majors Technical Perspective

Tue, Jun 23 2009, 13:20 GMT
by Valeria Bednarik

FXstreet.com Independent Analyst Team


EUR/USD Current price: 1.3987

EUR/USD chart

Pair regained the upside on rising stocks and some risk appetite, with hourly indicators almost exhausted after a 180 pips straight rally. 1.4000 level as usual these days is holding the upside, yet bigger time frames suggest there are chances for a break above is positive tone continues.

Support levels: 1.3960 1.3930 1.3880

Resistance levels: 1.4010 1.4050 1.4100

GBP/USD Current price: 1.6335

GBP/USD chart

Pair regain the daily ascendant trend line that attempt to break in early Asia, and quotes again above the 1.6300 level. Volume continues high in the pair, and indicators support further rises that will need to break above the 1.6360 zone, to see the pair gain upside momentum back.

Support levels: 1.6300 1.6280 1.6240

Resistance levels: 1.6360 1.6390 1.6420

USD/JPY Current Price 95.82

USD/JPY chart

Also fighting with daily ascendant trend line (we can not call a break here as we need a daily candle close under to confirm it, and till now, daily candle is forming a reversal pattern more than a continuation one) pair approaches to first key level for today the 96.00/10 zone. Above it, chances to the upside increase in the pair, as both hourly and 4 hours charts indicators support so.

Support levels: 95.50 95.20 94.80

Resistance levels: 96.05 96.30 96.80

USD/CHF Current Price: 1.0745

USD/CHF chart

Following dollar turn, pair has regained the downside and as Euro, indicators are exhausted meaning over sold in this case, so an upside correction is likely for the next hours, mostly, as Eur/Chf approaches dangerously to the 1.5000 key intervention level.

Support levels: 1.0720 1.0680 1.0640

Resistance levels: 1.0760 1.0800 1.0840

NOTE: when not detail, supports and resistance levels reflect past session candles minimums or maximums congestion zones.

Published on  Tue, Jun 23 2009, 13:28 GMT

Follow the markets with one of the authors of the Currency Majors Technical Perspective report:

Valeria Bednarik in her blog The advisor Blog.


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