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Currency Majors Technical Perspective

Fri, Nov 6 2009, 12:29 GMT
by Valeria Bednarik

FXstreet.com Independent Analyst Team

EUR/USD Current price: 1.4875

Still in range, waiting for U.S. Payrolls, pair remains slightly bullish as still above 20 SMA, yet losing upside momentum after this consolidation stage. Trapped under the 61.8% of the last daily fall, pair needs to break above 1.4930 to extend the upside, while clear break under 1.4810 could trigger selling rallies. Pair today likely to follow U.S. stocks.

Support levels: 1.4850 1.4810 1.4750

Resistance levels:  1.4890 1.4925 1.4970

GBP/USD Current price: 1.6590

Consolidating under 1.6600, pair remains printing higher highs, yet no clear signs come form hourly indicators. Bigger time frames one also remain flat, yet with a slightly bullish perspective for next hours. Pair needs to move above the 1.6640 area, to extend the upside close to 1.6690. On the contrary, if loses 1.6520 support, downside likely to accelerate.

Support levels: 1.6550 1.6520 1.6480

Resistance levels:  1.6640 1.6690 1.6735

USD/JPY Current price: 90.60

Also flat yet slightly bullish, the 91.00 area seems to be too much for the pair, at this point. As long as above 90.20 support, chances remain to the upside yet, if support gives up, pair could accelerate and close the week under 90.00, setting a new bearish rally for the weeks to come.

Support levels:  90.50 90.20 89.80

Resistance levels: 91.00 91.30 91.70

USD/CHF Current price: 1.0155

Despite hourly indicators had turned slightly bullish, sentiment and trend remain to the downside. Pair could approach to parity if dollar lose ground, triggering a strong sell off if so. To the upside, 1.0200 remains the key resistance zone to overcome to confirm further intraday rises.

Support levels: 1.0125 1.0090 1.0050

Resistance levels: 1.0165 1.0200 1.0240

Published on  Fri, Nov 6 2009, 12:31 GMT