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Currency Majors Technical Perspective

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

FXstreet.com Independent Analyst Team  |  View company's profile


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EUR/USD Current price:  1.3988

EUR/USD chart

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

GBP/USD chart

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

 USD/JPY chart

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

 USD/CHF chart

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

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

Valeria Bednarik in her blog The advisor Blog.

And Ian Coleman in his blog The Samurai Trader.


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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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