Tuesday, May 12, 2009

Currency Majors Technical Perspective

EUR/USD Current price: 1.3700

Pair remains pushing higher despite bigger time frames indicators are showing important bearish divergences in the pair. Back to hourly charts, above 1.3707 yesterday’s high, next resistance zone will come at 1.3740 key level. Clear break above, is needed to confirm further rises in the term. 20 SMA holds its bullish slope, and supporting actual trend.
Support levels: 1.3655 1.3610 1.3558
Resistance levels: 1.3707 1.3740 1.3790
GBP/USD Current price: 1.5303

Bullish trend continues after due correction, and pair is approaching to yesterday’s high around 1.5350. Extension above that level could trigger bullish momentum in the pair, despite momentum in the hourly presents a bearish divergence. Bigger time frames also seem a bit exhausted yet, no other signs of reversal yet. Expect more gains in the pair, as long as price remains above the 20 SMA.
Support levels: 1.5280 1.5250 1.5210
Resistance levels: 1.5332 1.5350 1.5394
USD/JPY Current Price 95.96

Fresh low just under the 96.00 zone, bearish trend continues strong in the pair, after breaking under the key ascendant daily trend line around 96.30 first static resistance for the next hours. Pair has no signs of exhaustion or reversal and indicators Pair now should attempt to reach next important support at 95.50, that probe it’s strength in the past. Seems unlikely the pair breaking under at a first attempt. If surpassed, longer term perspective lies at 93.30 zone.
Support levels: 95.80 95.50 95.15
Resistance levels: 96.30 96.60 97.10
USD/CHF: Current Price: 1.0979

No changes since last update, pair remains bearish and as other majors no signs of reversal yet, despite indicators seem exhausted and pair oversold. 1.0957 is first important support from the pair, and should hold the downside. If broken, downside momentum will likely accelerate.
Support levels: 1.0957 1.0920 1.0870
Resistance levels: 1.1010 1.1045 1.1105
NOTE: when not detail, supports and resistance levels reflect past session candles minimums or maximums congestion zones.

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