Currency Majors Technical Perspective

EUR/USD Current price: 1.2773

Euro come under strong selling pressure since early Asia, as fears surrounding euro zone sovereign debt resurged; pair found an intraday floor at strong static support area around 1.2735, and is aiming to correct to the upside, as hourly chart shows indicators in oversold territory. Still pair needs to regain the Fibonacci level around 1.2780, to suggest further upside movements today; with risk aversion high on falling stocks, seems quite unlikely, and rather a retreat from this level will be triggered if reached.

Support levels: 1.2735 1.2700 1.2660

Resistance levels: 1.2780 1.2810 1.2845

GBP/USD Current price: 1.5332

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Pound extend its slump towards 1.5300 thus currently back to the 1.5320/30 area, as per a corrective movement triggered by oversold readings in the hourly charts. Immediate resistance now comes at the 1.5360/70 price zone, yet pair holds a general bearish tone as seen in 4 hours chart: indicators remain strongly bearish there, suggesting the upside will remain limited in current American session. Break under mentioned intraday low could trigger a continuation rally towards the 1.5260 immediate support zone.

Support levels: 1.5300 1.5260 1.5220

Resistance levels: 1.5370 1.5420 1.5470

USD/JPY Current price: 83.52

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BOJ lack of action past Asian session plus current risk aversion environment push the cross to a fresh 15-year low at 83.50, with the pair still holding near it; technically, hourly indicators remain bearish while bigger time frames support the bias; an acceleration to the downside could find next support around 83.35, past June 1995 low, while there is no much in the middle until 81.77, May 1995 monthly low. The upside will now remain limited by 84.00/10 zone.

Support levels: 83.35 82.90 82.30

Resistance levels: 83.80 84.10 84.45

USD/CHF Current price: 1.0102

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Pair remains consolidating around the 1.0100 area, yet the bearish momentum resurged in the cross: both 1 and 4 hours indicators had turned south, far from oversold readings, suggesting further falls are yet to be seen in the pair.20 SMA above current price and still bearish in both time frames support the bias, while acting as dynamic resistance in the 4 hours chart around 1.0140

Support levels: 1.0100 1.0065 1.0020

Resistance levels: 1.0140 1.0170 1.0220