Friday, June 25, 2010

Currency Majors Technical Perspective

EUR/USD Current Price: 1.2291


Holding under 1.2300, pair holds a bearish tone coming from hourly indicators capped by 20 SMA around 1.2320 right now. Pair remains under pressure as risk aversion continues pushing US stocks lower; 4 hours indicators show the same picture, with indicators heading south keeping the upside limited for the pair. 

Support levels: 1.2240 1.2210 1.2160

Resistance levels: 1.2320 1.2350 1.2390

GBP/USD Current Price: 1.4945


Pound holds the bullish strength present all the week, with both 1 and 4 hours indicators supporting further rises despite risk aversion environment seen since early Europe. Pair now needs to confirm above 1.4960 to extend the rally near 1.5010 yesterday’s high. 1.4860 seems strong enough to keep the downside limited today, and only under this last, pair could lose the bias, not likely at this point. 

Support levels: 1.4920 1.4860 1.4820

Resistance levels: 1.4960 1.4990 1.5010

USD/JPY Current Price: 89.43


Still under pressure, pair holds a bearish tone in bigger time frames despite hourly CCI looks exhausted to the downside at this point.  Pair is capped again by the 89.50/60 resistance area, and only above this last pair could attempt a bullish rally; a break under  89.20 strong support, could trigger a continuation rally heading towards 88.50 area.

Support levels: 89.20 88.80 88.50

Resistance levels:  89.60 89.90 90.20 

USD/CHF Current Price: 1.0986


Swiss Franc printed a fresh weekly low as per own strength holding the strong bearish tone that lead the pair all week long. Hourly indicators as well as 4 hours one support further fall, with no signs or correction or reversal yet. An acceleration under today’s low, likely trigger a strong continuation rally towards the 1.0900 zone.

Support levels: 1.0980 1.0940 1.0900


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