Currency Majors Technical Perspective
Thursday, September 2, 2010
, Posted by Usman Ali Minhas at 8:19 AM
EUR/USD Current price: 1.2815
View Live Chart for the EUR/USD
After ECB, pair has remained mostly unchanged, thus turning slightly bearish, despite rise in growth forecast; ECB also extended the lending facility program till January, yet market attention is now focused in upcoming US housing readings.
Technically, hourly charts suggest a retest of the 1.2770 support area, and behavior around that level will be key as another rebound from that area, will likely confirm the bullish momentum of the cross. Accelerations above 1.2860, should signal an approach to 1.2900 area.
Support levels: 1.2800 1.2770 1.2735
Resistance levels: 1.2835 1.2860 1.2900
GBP/USD Current price: 1.5368
View Live Chart for the GBP/USD (Select the currency)
Breaking lower, Pound remains under pressure after another round of negative data published earlier today. Hourly indicators however, lost the bearish momentum, and seem pointing for a limited upside correction, yet probably limited now by 1.5420 area, where 20 SMA with a bearish slope, should act as dynamic resistance. Lose of 1.5325 weekly high, should signal a bearish continuation towards the 1.5260 zone.
Support levels: 1.5320 1.5260 1.52230
Resistance levels: 1.5385 1.5420 1.5460
USD/JPY Current price: 84.28
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Consolidating in a tight range in between 84.00 and 84.40 area, pair holds a bearish tone supported by US stocks that are heading south. Hourly indicators under their midlines, and 20 SMA flat, gave no clear clues for next hours. Above 84.45 pair could extend towards 84.70/80 area, still daily close above 85.10 is needed to see some further bullish continuation.
Support levels: 84.10 83.60 83.35
Resistance levels: 84.45 84.80 85.10
USD/CHF Current price: 1.0120
View Live Chart for the USD/CHF (select the currency)
Consolidating in a tight range, pair is aiming higher, still 1.0170 area seems key as only accelerations above that level, could confirm further rises. Hourly indicators supports the bias, yet bigger time frames hold a strong bearish tone, suggesting the upside will likely remain limited during current American session.
Support levels: 1.0100 1.0065 1.0025
Resistance levels: 1.0140 1.0170 1.0220
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