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Currency Majors Technical Perspective

Wed, Nov 4 2009, 13:28 GMT
by Valeria Bednarik

FXstreet.com Independent Analyst Team


EUR/USD Current price: 1.4755


e

Pair regained the upside, still capped under 1.4770 resistance zone. Hourly indicators look slightly bearish at this point, yet pair needs to clearly break under 1.4730, 20 SMA with a strong bullish slope, to gain some downside momentum. Above current high, pair could attempt a retest of the 1.4810 area, ahead of stronger 1.4850 zone. 4 hours charts, also support the bias.

Support levels: 1.4730 1.4705 1.4680 30

Resistance levels:  1.4770 1.4810 1.4850

GBP/USD Current price: 1.6516


g

Pair reached a daily descendant trend line, and bounce to the downside, still contained by the 1.6500 zone. Forming a small hourly triangle, break above 1.6540 should confirm both figures and trigger an upside stronger rally in the pair, supported by strongly bullish 20 SMA and 4 hours indicators.

Support levels:  1.6500 1.6460 1.6420

Resistance levels:  1.6545 1.6600 1.6640

USD/JPY Current price: 90.97


y

Consolidating barely under 91.00, pair holds a bullish perspective after breaking the 90.65 strong area. Still, indicators seem a bit exhausted to the upside while 91.00 won’t be an easy level to beat. Expect downside corrections to remain above mentioned area in order to sustain further rises later in the day.

Support levels:  90.65 90.20 89.80 

Resistance levels: 91.10 91.40 91.80

USD/CHF Current price: 1.0226


c

Breaking lower, hourly indicators remain bullish despite price is moving under 20 SMA that turned to the downside. Pair should hold above the 1.0200 strong level, to regain some strength and consider current movement corrective; if 1.0200 gives up, expect the pair to extend the downside ahead of FOMC decision.

Support levels: 1.0200 1.0165 1.0130

Resistance levels: 1.0240 1.0285 1.0330

Published on  Wed, Nov 4 2009, 13:30 GMT

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

Valeria Bednarik in her blog The advisor Blog.


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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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