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Currency Majors Technical Perspective

Thu, Nov 5 2009, 23:30 GMT
by Valeria Bednarik

FXstreet.com Independent Analyst Team

EUR/USD Current price: 1.4868

As comment on last update, pair remains in a tight range ahead of U.S. employment data. Hourly chats show flat indicators thus pair remains above 20 SMA. Bigger time frames however, remain bullish, and with current improvement in risk appetite after DJIA futures reached the 10.000 level, pair is set for an upside continuation; 1.4925 is key resistance level to watch, as an acceleration above that level will suggest an approach to 1.5000 level.

Support levels: 1.4850 1.4810 1.4770

Resistance levels:  1.4890 1.4925 1.4970

GBP/USD Current price: 1.6576

Also trapped in range, Pound has failed again to break and stay above 1.6600 area. Currently consolidating barely under that zone, pair has a slightly bearish perspective for next hours, yet likely to be corrective unless pair breaches the 1.6480 area. Confirmations above 1.6640 likely to trigger more upside momentum in the pair, but seems unlikely to see such movement during Asian session.

Support levels: 1.6550 1.6520 1.6480

Resistance levels:  1.6600 1.6640 1.6690

USD/JPY Current price: 90.81

Regaining the upside, pair is slightly bullish at this point, as risk appetite continues playing against both, dollar and yen. Moving in a tight range and a few pips under yesterday’s low, hourly indicators support further rises in the pair, while bigger time frames have the same outlook. Pair needs to clearly break above 91.30 resistance area to extend the rally, while under 90.20 intraday bias could change quickly and send the pair under key 89.80 support.

Support levels:  90.50 90.20 89.80

Resistance levels: 91.00 91.30 91.70

USD/CHF Current price: 1.0160

Flat in the hourly, pair remains bearish after breaking under 1.0200, with bigger time frames showing rally a bit over extended to the downside, yet with no signs of bottoming or reversal yet. Only clearly above mentioned zone pair could lose the strong downside momentum, yet under 1.0125 lows, expect the pair to resume downtrend.

Support levels: 1.0125 1.0090 1.0050

Resistance levels: 1.0165 1.0200 1.0240

Published on  Thu, Nov 5 2009, 23:32 GMT