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Currency Majors Technical Perspective

Tue, Nov 10 2009, 23:47 GMT
by Valeria Bednarik

FXstreet.com Independent Analyst Team  |  View company's profile

EUR/USD Current price: 1.4983

Still ranging, pair has not changed since last update. Sentiment keeps Euro well bid despite indicators in bigger time frames had lost upside momentum; hourly charts show price above flat 20 SMA, while also flat indicators, suggesting pair likely to continue following stocks and commodities. Pair needs to clearly break current range to define further strength: to the upside, level to watch is past week high of 1.5020, while to the downside, pair needs to accelerate trough 1.4910 to extend the corrective rally.

Support levels: 1.4940 1.4910 1.4860

Resistance levels:  1.5005 1.5020 1.5065

GBP/USD Current price: 1.6729

Upside recovery in the pair was halted by strong static 1.6740 level for now, with hourly indicators looking a bit exhausted at this point, suggesting won’t be an easy level to break; with no upside momentum, corrective movements likely to be triggered under 1.6700, with 1.6640/60 area as immediate support to consider, also an ascendant trend line. Strong rebound past Tuesday at 1.6000 suggest buyers are gathered around that level, so pair reaction around that zone will be key to define this week trend: another strong rebound around that zone, will confirm further rises

Support levels: 1.6700 1.6650 1.6600

Resistance levels:  1.6740 1.6790 1.6840

USD/JPY Current price: 89.76

Pair remains unchanged holding between 89.60/90.00, still looking bearish both in 1 and 4 hours charts. 20 SMA however, despite losing strength remains above current price in the hourly chart, capping the upside; pair needs to clearly gain above 90.30 area to change intraday bias, while again breach under 89.20 will signal further falls to come.

Support levels:  89.60 89.20 88.80

Resistance levels: 90.00 90.30 90.70

USD/CHF Current price: 1.0078

Still consolidating in a tight range, pair failed to break above 1.0100 level, suggesting downside remains quite exposed; hourly indicators remain flat, with no clear bias for next hours, while bigger time frames show pair has already corrected the oversold conditions, and is ready for another move lower. 1.0030 yearly minimum zone will be key as break under that level could trigger more selling ahead.

Support levels: 1.0060 1.0030 0.9980

Resistance levels: 1.0100 1.0130 1.0165

Published on  Tue, Nov 10 2009, 23:49 GMT