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Main » Articles » Forecast

Currency Majors Technical Perspective
by Tim Salem Independent Analyst Team

EUR/USD Current Price: 1.4197


Neutral Hourly Consolidation is seen as Price shows a Lock between the 1.4164 Daily pivot acting as Dynamic Support, and the 1.4230 Dynamic Resistance.
Slight RSI Readings and Slope at “49” look to subtle Bearish ness, as Price cutting through the Hourly 20MSA and Daily Pivot sees 1.4126 Dynamic Support in the Immediate-Term. Further Depreciation sees the Static Support at 1.4099 with slight Confluence with the Hourly 200SMA, which should Hold Price considering Event-Risk and Consolidation. A Violation of 1.4230 sees 1.4270 Static Resistance and 1.4297 Daily Dynamic Resistance, as Price looks to a potential Hourly Double-Top at 1.4335 if the Area Holds and Rejection is Seen.

Support levels: 1.4164 1.4126 1.4099 1.4057

Resistance levels: 1.4230 1.4270 1.4297 1.4335

GBP/USD Current Price: 1.6079


Hourly Bearish Sentiment is seen as the 20SMA/200SMA Hourly Bearish Cross is in Contact to keep Price below the Confluence Area of 1.6178 which is acting as Dynamic Resistance.
Price moves through the Daily Static Support at 1.6096, and sees 1.6025 and 1.6011 next, as RSI Readings and Slope move into Oversold Conditions. Continuation sees the 1.5951 and 1.591 Dynamic Supports, followed statically by 1.5880 which may be Seen in the Mid to Near-Term. An Upside Breach through the Bearish Cross and the Daily Pivot sees Momentum resuming with moving through the Dynamic and Static Resistance Areas of 1.6303 and 1.6364. IntraDay Bullish Momentum then returns with Violation of the 1.6446 Static Resistance onto the 1.6511 Static Resistance. Clearance of 1.6580 to the Hourly Double-Top Potential at 1.6653 is Indicative of Bullish Sentiment as a Daily Double-Top is in Place at this Point as well.

Support levels: 1.6096 1.6025 1.6011 1.5951 1.5880

Resistance levels: 1.6230 1.6303 1.6364 1.6446

USD/JPY Current Price: 96.74


Slight Bullish Sentiment is seen with Upside Support by the Hourly 20SMA at 96.62 and the Daily Pivot at 96.42, as Price looks towards 96.88 Daily Static Resistance with RSI Slope and Readings in the “56” Neutral Range. Clearance sees the Bullish Trend Line from 95.37 Daily Static Support In Function, as Price sees Appreciation to 97.06 Daily Dynamic Resistance. The Bullish IntraDay Channel will Anchor price as 97.31 Dynamic Resistance follows, with an IntraDay Hourly Double-Top Formation in Place if Price is Held and Maintained. Further Continuation sees 97.55 and 97.83 as Price Breaches the Larger Daily Downtrend Channel, indicating Solid Bullish Momentum is in Place. A Breach to the Downside sees Risk through the Daily pivot at 96.46, followed Dynamic ally by 96.21 and Statically by 96.04. Bearish Sentiment begins to return of Price sees a Violation of the Hourly 200SMA/Static Support Confluence at the 95.78 Area, as Contact at 95.37 Daily Static Support Negates the Recent Hourly Upleg in the Near-Term.

Support levels: 96.46 96.21 96.04 95.78 95.37

Resistance levels: 96.88 97.31 97.55 97.83

USD/CHF: Current Price: 1.0688


Consolidation is seen as Price works within a Range Anchored by Daily Static Support at 1.0650 and Daily Static Resistance at 1.0746 and slight Confluence with the Hourly 200SMA at 1.0752. The Hourly 20SMA provide Dynamic Resistance, as Price looks to Breach the Daily Pivot at 1.0698. Appreciation sees the Daily Dynamic resistance at 1.0727 followed statically by 1.0746. A Cut through the Downward-Sloping Hourly 200SMA will see an Hourly Double-Top Formation at 1.0766 if the Levels Holds and Price Falls, otherwise Static Resistance at 1.0775 and 1.0823 are Seen in the near-Term. Downside-Risk sees the 1.0650 Support leading to the 1.0621 Daily Static Support, followed by the 1.0602 Dynamic Support Level where Basing will be Seen for more Potential to move back towards the Upside with Price Appreciation.

Support levels: 1.0664 1.0650 1.0621 1.0602

Resistance levels: 1.0698 1.0727 1.0746 1.0775 1.082
Category: Forecast | Added by: forex-market (2009-06-05)
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