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Currency Majors Technical Perspective

Thu, Jul 2 2009, 13:44 GMT
by Valeria Bednarik

FXstreet.com Independent Analyst Team

EUR/USD Current price: 1.4054

Bearish in the hourly, pair is holding above 1.4040 static support zone, ahead of 1.4000 psychological level. With indicators suggesting more downside pressure, expect the rally to accelerate under that level. 4 hours indicators support the perspective also.

Support levels: 1.4040 1.4000 1.3960

Resistance levels: 1.4090 1.4135 1.4170

GBP/USD Current price: 1.6388

Under selling pressure, pair seems unable to regain the 1.6420 zone. A descendant trend line, along with 20 SMA should cap the upside, while clear break under today’s low at 1.6330 will accelerate the downside. Bigger time frames support the perspective as daily charts are about to give bearish signals.

Support levels: 1.6330 1.6280 1.6250

Resistance levels: 1.6420 1.6470 1.6520

USD/JPY Current Price 96.00

Falling strong, 96.00 is barely holding the downside despite indicators are close to oversold conditions in the hourly. Hourly candle opening under 95.90 or so, could trigger some bearish momentum in the pair, as bigger time frames also support further falls.

Support levels: 95.90 95.50 95.20

Resistance levels: 96.30 96.80 97.00

USD/CHF Current Price: 1.0835

Pair rise close to 1.0880 static resistance level and at the point, remains bullish in the hourly, yet indicators seem a bit exhausted. 20 SMA has turned bullish both in 1 and 4 hours charts, with price above both. Expect some strength above 1.0880 level.

Support levels: 1.0800 1.0770 1.0720

Resistance levels: 1.0880 1.0920 1.0950

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

Published on  Thu, Jul 2 2009, 13:53 GMT