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Currency Majors Technical Perspective

Mon, Feb 8 2010, 22:30 GMT
by Matías Salord

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

Vote:

1

EURUSD Current price: 1.3646

Pair failed to hold above 1.3700 which suggests that the bearish bias, despite losing strength remains intact. Hourly indicators are suggesting a bigger decline for the coming hours as the pair consolidates below 20 SMA. Pair needs to break below 1.3620 to extend the downside for a test of last week lows. If pair falls under 1.3580, expect more downside support by bigger time frames. Only above of 1.3750 pair could gain strength and the bearish bias would lose momentum.

Support levels: 1.3620 1.3580 1.3520

Resistance levels: 1.3715 1.3745 1.3850

GBPUSD Current price: 1.5581

Hourly charts had turn bearish in the last hours as the pair pulled back after being unable to consolidate above 1.5645. Pair has fallen below 20 SMA and with momentum below 100 pair should continue falling; initially to 1.5550 and below to test weekly lows. A break below should trigger more downside supported by current trend in bigger time frames that are clearly bearish. The upside seems limited for the next hours considering current bearish signals.

Support levels: 1.5530 1.5445 1.5360

Resistance levels: 1.5660 1.5705 1.5740

USDJPY Current price: 89.21

Nothing has changed since last update. Very quiet Monday, pair trading in ranges. Indicators are flat as a consequence of the flat trading; only momentum in hourly charts is suggesting a bearish bias for the next hours. Risk aversion could trigger a downside rally; a break below 89.15 could send the pair to test 88.85. At 88.55 is located a key support, if pair falls below, expend a bigger decline. To the upside pair needs to consolidate above 89.60 to gain strength.

Support levels: 89.15 88.85 88.55

Resistance levels: 89.80 90.10 90.60

USDCHF Current price: 1.0735

Pair holds above 1.0700 and currently is testing level above 20 SMA. Hourly charts are turning to the upside as Momentum breaks the 100 line. The downside was capped by 20 SMA in four hours charts. Pair holds a bullish perspective in bigger time frames. If it falls under 1.0690 more downside is expected. To the upside, pair needs to consolidate above 1.0800 to rise further.

Support levels: 1.0680 1.0640 1.0560

Resistance levels: 1.0750 1.0800 1.0835

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