Tuesday, June 22, 2010

Currency Majors Technical Perspective




EUR/USD Current Price: 1.2289

EUR/USD
Pair gained back the upside, after approaching to key 1.2240 support area, where investors seem to have decided to retake bullish positions. Hourly indicators turned back north, with price heading towards 1.2310, still far from a bullish signal 20 SMA above current price should offer some resistance, while 4 hours indicators remain bearish, also limiting the upside for now.
Support levels: 1.2285 1.2240 1.2210
Resistance levels: 1.2310 1.2350 1.2390

GBP/USD Current Price: 1.4795

GBP/USD
Pound rose 140 pips in the last hour, turning slightly bullish yet finding resistance for now at the 20 SMA in the 4 hour chart at 1.4800. Indicators lost previous momentum, and pair aims for a downside correction heading towards 1.4760/70 area, now immediate support ahead of US opening; 4 hours indicators remain bullish yet only an acceleration above 1.4820 could signal further upside ahead.
Support levels: 1.4770 1.4720 1.4685
Resistance levels: 1.4820 1.4860 1.4890

USD/JPY Current Price: 90.66

USD/JPY
Failure to hold above 200 DMA has put pair back under pressure, thus quite limited in range as it has been for most this year. Slightly bearish according to 1 and 4 hours indicators, under 90.20 support pair could extend the rally to the 89.70 thus further falls seem limited at this point. Trades in the pair are far from been recommended lately, as adding to the range, lack of volume is also strong in the cross.
Support levels: 90.20 89.70 89.30
Resistance levels: 90.90 91.20 91.50

USD/CHF Current Price: 1.1071

USD/CHF
Consolidating around 1.1100, pair holds a bearish tone according to hourly indicators: under 20 SMA pretty flat, momentum retreating from 100 level, and RSI crossing upside down 50 level, technically point for further falls, yet confirmation under 1.1055 daily low should be seen to confirm the downside extension.
Support levels: 1.1055 1.1020 1.0980
Resistance levels: 1.1100 1.1130 1.1170

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