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Currency Majors Technical Perspective

Wed, Nov 4 2009, 01:01 GMT
by Valeria Bednarik

FXstreet.com Independent Analyst Team

EUR/USD Current price: 1.4725

Back above 61.8% retracement around 1.4700, pair turned slightly bullish in the hourly chart, yet indicators seem to have lost upside momentum while 20 SMA remains strongly bearish despite under current price. Bigger time frames show same conditions with pair slightly bullish yet with no enough strength, suggesting we need to see a strong acceleration above 1.4740 area to confirm an upside continuation. Next resistances for next hours come at 1.4770 and 1.4810, ahead of stronger 1.4850 area. However, market likely to remain in range ahead of key bank events starting with FOMC meeting next American session.

Support levels: 1.4705 1.5680 1.4630

Resistance levels: 1.4740 1.4770 1.4810

GBP/USD Current price: 1.6416

Despite strong recovery, pair remains unable to clearly break above the 1.6440 area, 20 SMA in the 4 hours charts still with a bearish slope. Hourly indicators seem a bit exhausted to the upside, while 20 SMA remains flat, suggesting some downside movements likely corrective, for the next couple of hours or so; the extension and speed of that movement will mark next sessions direction:  if reaches the 1.6300 area, pair will try to extend downside rally under yesterday’s low.

Support levels:  1.6380 1.6330 1.6290

Resistance levels:  1.6440 1.6485 1.6520

USD/JPY Current price: 90.38

Still consolidating in a tight range between 90.00 and 90.70 pair has no clear bias in the hourly chart, while bigger time frames suggest some downside pressure; technically, a confirmation above 90.70 could trigger some upside momentum in the pair, while confirmations under 89.80 will send the pair lower, to test past Monday’s low.

Support levels:  90.10 89.80 89.30

Resistance levels:  90.70 91.10 91.40

USD/CHF Current price: 1.0253

Tending lower, pair has clear signs of downside continuation in the hourly chart, despite 20 SMA remains quite bullish; pair needs to hold above the 1.0200 support area to regain upside strength ahead of next European session. Confirmations above 1.0285 will deny further falls and support chances of  a fresh weekly high above 1.0330.

Support levels: 1.0240 1.0200 1.0165

Resistance levels: 1.0285 1.0330 1.0360

Published on  Wed, Nov 4 2009, 01:12 GMT