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Currency Majors Technical Perspective

Thu, Nov 5 2009, 14:47 GMT
by Valeria Bednarik

FXstreet.com Independent Analyst Team

EUR/USD Current price: 1.4880

Pair has tested the 1.4920 area after ECB’s rate decision, still unable to confirm above the 61.8% of the last daily fall from 1.5060 to 1.4625. With hourly indicators slightly bullish, pair needs to confirm further rises breaking above 1.4900 area; Bigger time frames however, show indicators exhausted to the upside, still not giving selling signals. First support comes at 1.4850 area, followed by 1.4810; under this last pair can lose momentum and trigger a falling rally.

Support levels: 1.4850 1.4810 1.4770

Resistance levels:  1.4890 1.4925 1.4970

GBP/USD Current price: 1.6572

Pair reached the 1.6640 level with hourly indicators reaching overbought conditions, sending pair to current level just above 1.6550 support zone. Failure to hold above 1.6600 suggest more downside pressure ahead, yet pair needs to clearly break under mentioned zone to extend the rally. Above 1.6600, pair should regain the upside, yet expect movements to remain limited ahead of tomorrow U.S. employment data.

Support levels: 1.6550 1.6520 1.6480

Resistance levels:  1.6600 1.6640 1.6690

USD/JPY Current price: 90.55

Slightly bullish, pair remains trapped in the 90.20/90.70 area, with no clear outcome for next hours. Capped by mentioned 90.70 strong resistance area, only a clear acceleration trough that level could trigger some upside rally in the pair; while only a break under 89.80 could send pair lower, thus bigger time frames are also slightly bullish keeping the downside limited for today.

Support levels:  90.20 89.80 89.50

Resistance levels: 90.70 91.10 91.40

USD/CHF Current price: 1.0168

Quoting around strong resistance static level also 20 SMA in the hourly, an hourly close above current zone could change intraday bearish bias, yet bigger time frames remain too flat to tell. Break under today’s low, will likely trigger more selling for the rest of the day.

Support levels: 1.0125 1.0090 1.0060

Resistance levels: 1.0165 1.0200 1.0240

Published on  Thu, Nov 5 2009, 14:50 GMT