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Currency Majors Technical Perspective

Fri, Nov 27 2009, 14:29 GMT
by Valeria Bednarik

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

EUR/USD Current price: 1.4899

After being close for holiday, stocks opening will be key today as they are expected quite lower, exacerbating risk aversion sentiment triggered past Asian session. Bearish gold also favors the downside, while hourly charts show price under moving averages and strongly bearish. Indicators had corrected part of the oversold condition, turned flat currently, yet bigger time frames remain bearish. Watch for a break under 1.4800/10 strong static support area, for further downside acceleration in the pair.

Support levels:  1.4840 1.4800 1.4760

Resistance levels: 1.4900 1.4930 1.4970

GBP/USD Current price: 1.6387

Holding under 1.6460 past week low after breaking lower, hourly indicators had turned bullish after pair bottomed at 1.6268 low, yet the upside remains capped by 20 SMA in the hourly acting as dynamic resistance level. Bigger time frames also show some signs of exhaustion to the downside, but pair needs to regain at least mentioned 1.6460 area to extend upside correction. Weekly close under 1.6250, will signal further falls ahead.

Support levels: 1.6380 1.6330 1.6250

Resistance levels: 1.6420 1.6460 1.6500

USD/JPY Current price: 86.75

Slowly regaining the upside, pair approaches to key 87.10 area, previous yearly low now key level to the upside. Anyway indicators are exhausted to the upside at least in the hourly chart, and falling stocks won’t help it to rise. Pair needs to close above 88.30 area to revert current strongly bearish bias in bigger time frames. 4 hours charts support further upside corrections, that could reach the 87.40 level, 20 SMA in 4 hours charts.

Support levels: 86.50 86.10 85.70

Resistance levels: 87.00 87.40 87.90

USD/CHF Current price: 1.0135

Supported by 200 EMA in the hourly around 1.0100 static support level, pair is slowly regaining the upside, yet only clear break of 1.0240 could confirm a more interesting upside extension. Bigger time frames support the bias, while under 1.0100 pair will lost momentum and probably fell back close to parity.

Support levels: 1.0100 1.0070 1.0030

Resistance levels: 1.0175 1.0210 1.0240

Published on  Fri, Nov 27 2009, 14:31 GMT