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Currency Majors Technical Perspective

Tue, Nov 3 2009, 00:02 GMT
by Valeria Bednarik

FXstreet.com Independent Analyst Team

EUR/USD Current price: 1.4770

Pair remains inside a wide range with no clear bias coming form 1 hour charts. Hovering around 20 SMA, indicators are flat as market waits for next trigger to hit markets. With Japan closed for holiday, yet RBA raking rates decision, risk likely remain to be the main driver of the pair. Above 1.4800 level, pair can retest yesterday’s high zone that will need to clearly overcome to extend the upside. Bigger time frames however, point for some downside movements ahead that could accelerate under 1.4740 support.

Support levels: 1.4740 1.4710 1.4680 

Resistance levels: 1.4810 1.4850 1.4890

GBP/USD Current price: 1.6385

Losing the 1.6400 area, pair is crossing upside down 20 SMA in the hourly that remains strongly bearish. 200 EMA, flat lies above current price limiting further rises despite momentum remains healthy. Bigger time frames are still pointing to the downside, thus also unclear. Break under 1.6340 support zone should send pair to test the 1.6250 static support area, also 20 SMA in the daily chart.

Support levels:  1.6340 1.6290 1.6250

Resistance levels:  1.6410 1.6440 1.6485

USD/JPY Current price: 90.37

After  Wall Street recovery, pair rose to settle between 90.30/90.70 area; 20 SMA acts as dynamic support in the pair, currently around 91.10, guiding some further recovery if the pair breaks above yesterday’s high. Bigger time frames had lost some upside momentum and indicators turned to flat suggesting to real strength. However, currency remains strongly attached to market sentiment, so expect further rises if risk appetite resurges.

Support levels:  90.10 89.70 89.30

Resistance levels:  90.70 91.10 91.40

USD/CHF Current price: 1.0217

Consolidating in a tight range, indicators had turned to flat both in 1 and 4 hours charts after the intraday swings. Slightly bullish in the hourly, 1.0200 remains key support for the pair, and only a clear confirmation under this zone could send the pair back down.

Support levels: 1.0200 1.0165 1.0130

Resistance levels: 1.0235 1.0285 1.0320

Published on  Tue, Nov 3 2009, 00:04 GMT