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Currency Majors Technical Perspective

Fri, Oct 30 2009, 13:16 GMT
by Valeria Bednarik

FXstreet.com Independent Analyst Team

EUR/USD Current price: 1.4790

Breaking lower ahead of U.S. opening, hourly indicators had turned bearish, with price currently under 20 SMA that had turned flat. Bigger time indicators remain flat, with 20 SMA still with a bearish slope, suggesting more downside to come in the next hours, y pair manages to break 1.4770 support zone.

Support levels:  1.4770 1.4740 1.4700

Resistance levels 1.4810 1.4850 1.4890

GBP/USD Current price: 1.6563

Pair remains holding above the 1.6520 static support, with hourly indicators pointing to the upside. Forming a continuation triangle, pair is testing the roof, attempting to break higher; if next candle opens above that descendant trend line, expect the pair to test the 1.6600 area. Bigger time frames however, show some bearish divergences yet pair needs to clearly move under 1.6510 to gain some downside momentum

Support levels:  1.6520 1.6480 1.6440

Resistance levels:  1.6600 1.6640 1.6690

USD/JPY Current price: 91.05

Japanese yen remain some strength after failing to break above 91.60 resistance zone. Tending lower, break under 90.50 likely to accelerate the fall in the pair, thus intermediate support lies at 90.80 today’s low. Again, pair needs to clearly regain 91.35 to recover some upside momentum.

Support levels: 90.80 90.50 90.10

Resistance levels:  91.35 91.60 92.00

USD/CHF Current price: 1.0222

After a strong spike probably due to an SNB intervention yet not confirmed, pair regained the 1.0200 level, and remains bullish in the hourly chart; as long as the pair holds above 1.0200 area, chances remain to the upside, as bigger time frames indicators had turned flat.

Support levels: 1.0200 1.0165 1.0130

Resistance levels 1.0240 1.0285 1.0320

Published on  Fri, Oct 30 2009, 13:18 GMT