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Currency Majors Technical Perspective

Fri, Jul 10 2009, 06:22 GMT
by Valeria Bednarik

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


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EUR/USD Current price: 1.3907

Eur
Holding above 1.3900 hourly charts seem exhausted despite bearish pressure remains strong. Upside correction could extend to 1.3950 strong static support also 38.2% of last down leg. With 20 SMA bearish slope and above actual price, under 1.3880 and with bigger time frames bearish, pair can approach to ascendant trend line around 1.3850 in the next hours.

Support levels:  1.3880 1.3850 1.3810

Resistance levels: 1.3930 1.3960 1.4000 


GBP/USD Current price: 1.6162

Gbp

Downside pressure in the pair after breaking 1.6200 level, 1.6150 static support should offer some support now as is 200 EMA in 4 hours charts. Candle open under that zone will set the downside bias for the rest of the day, as indicators both in 1 and 4 hours charts point for further loses. Upside remains quite limited at this point.

Support levels:  1.6150 1.6110 1.6040

Resistance levels:  1.6200 1.6250 1.6300


USD/JPY Current price: 92.24

Yen

Bearish trend remains intact in the pair, despite the oversold conditions clear in bigger time frames. Confirmations under today’s low could send the pair back down thus at the time further strong selling seem limited today.

Support levels: 92.10 91.80 91.40

Resistance levels:  92.40 92.85 93.15


USD/CHF Current price: 1.0892

Chf

Pair continues pushing higher despite indicators divergences in the hourly. If unable to break above 1.0920/1.0950 congestion zone, expect some downside correction in the next hours. Above mentioned zone, and supported by bigger time frames, bullish momentum could quickly accelerate.

Support levels:  1.0880 1.0840 1.0800

Resistance levels: 1.0920 1.0950 1.1020

Published on  Fri, Jul 10 2009, 13:31 GMT

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.


FXstreet.com | Portaferrissa 7, 1r 2a, Barcelona 08002, Catalonia - Spain
http://www.fxstreet.com | analyst@fxstreet.com

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