Monday, June 28, 2010

Currency Majors Technical Perspective

Forex Special

EUR/USD Current Price: 1.2331


Pair tested 1.2400 area past Friday, probably on profit taking ahead of the weekend, yet unable to hold gains, is back under pressure in this choppy Monday. Bearish according to hourly indicators, pair is testing 1.2330 support area, pressured by EUR/CHF that continues falling this time, reaching 1.3355 daily low. 4 hours charts show 20 SMA around mentioned 1.2330 with a slightly bullish slope, thus indicators are also heading south in this time frame, limiting the upside ahead of US opening. 

Support levels: 1.2330 1.2300 1.2260

Resistance levels: 1.2365 1.2400 1.2460

GBP/USD Current Price: 1.5071


As past week, Pound is among the strongest currencies of the board: after a short lived bearish correction, pair is again close to past week high, with hourly indicators supporting a bullish continuation and 20 SMA nicely up, acting as dynamic support. 4 hours indicators also turned north, supporting the bias, with the pair aiming to establish above 1.5100. Swing trading seems to be the name of the game in the pair, that refuses to change trend despite market sentiment woes.

Support levels: 1.5060 1.5010 1.4960

Resistance levels: 1.5080 1.5120 1.5165

USD/JPY Current Price: 89.25


Consolidating at monthly lows, and despite the lack of strength, pair continues holding a bearish tone, as per yen safe haven condition; Technical indicators both in 1 and 4 hours charts show lack of strength, so pair likely trade on stocks and risk mood; break under 89.20 could trigger stops sending the pair towards 88.50 support area, and even to test past month lows around 88.00. 

Support levels: 89.20 88.80 88.50

Resistance levels:  89.60 89.90 90.20 

USD/CHF Current Price: 1.0843


Swiss Franc is no doubts the star of the forex market these days, continuing its unstoppable gains across the board. Despite extremely oversold in almost any intraday time frame, pair holds a strong bearish momentum, that would likely extend if Wall Street turns south after US disappointing data. However, with 4 hours chart showing mentioned extreme conditions, pair could trigger some bullish corrective movement before breaking under 1.0800 static support zone.


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