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Currency Majors Technical Perspective

Tue, Jul 7 2009, 00:51 GMT
by Valeria Bednarik

FXstreet.com Independent Analyst Team

EUR/USD Current price:  1.3988

Nikkei start the session as expected, following U.S. positive tone and up 0.3%. Euro continues pushing higher after regaining the upside late in the American session, and approaching to key 1.4015 level, 200 EMA in the hourly also static resistance zone. Once that level clear, pair could extend gains as indicators support the bias along with bigger time frames also turned to the upside.

Support levels:  1.3950 1.3920 1.3875

Resistance levels: 1.4015 1.4060 1.4100  

GBP/USD Current price: 1.6289

Upside correction halted just under 1.6300 zone, where the pair seems to be forming a small double top in the hourly, with the neck around 1.6250; as long as 1.6300 remains intact, figure will remain valid and with indicators exhausted to the upside, break of the neck could accelerate the fall. Bigger time frames also suggest upside will remain limited with 1.6410 20 SMA in the daily, as the breaking point.

Support levels:  1.6250 1.6200 1.6145

Resistance levels:  1.6300 1.6363 1.6410

USD/JPY Current price: 95.23

Strong buying orders around 94.60 lows have bring the pair back above 95.10, with pair slightly bullish in the hourly, with an intermediate resistance around 95.35, pair needs to clearly break above 95.50/60 level to regain some upside momentum. Bigger time frames suggest upside could extend close to 96.00 once that level is cleared. Under 95.00, expect some strong short term downside pressure.

Support levels: 95.10 94.85 94.55

Resistance levels:  95.30 95.60 96.00

USD/CHF Current price: 1.0842

Pushing to the downside, 1.0830/40 level seems to be holding but not for long, as bigger time frames also turned bearish. Once today’s low is clear, expect a movement under 1.0800 before pair regains the upside, as investors will be reluctant to sell the pair at those levels.

Support levels:  1.0840 1.0800 1.0770

Resistance levels: 1.0880 1.0920 1.0950

Published on  Tue, Jul 7 2009, 01:01 GMT