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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

EUR/USD chart

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

GBP/USD chart

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

USD/JPY chart

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

USD/CHF chart

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

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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Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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