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Main » Articles » Forecast

Currency Majors Technical Perspective
by Tim Salem

FXstreet.com Independent Analyst Team

EUR/USD Current price: 1.3986

chart 1

Pair downside pressure sends it to test the ascendant trend line around 1.3945, where the pair quickly rebound to the upside. With indicators pointing for further loses and price under 20 SMA and 200 EMA in the hourly, pair needs to break above 1.4040 resistance zone to regain bullish strength. Break under the ascendant trend line dynamic support, could trigger some sells in the pair, not clear at this point.

Support levels: 1.3950 1.3910 1.3852

Resistance levels: 1.4000 1.4040 1.4090 

GBP/USD Current price: 1.6451

chart 4

Still quite bullish and moving in an ascendant channel, thus indicators seem a bit exhausted to the upside both in 1 and 4 hours charts. Capped by 1.6500, clear break above that level is needed to see the pair gain upside momentum, with next resistances at 1.6547 and 1.6610. To the downside, supports will lie at 1.6400, the 20 SMA close to the base of the channel at 1.6390. Clear candle opening under that line and 20 SMA could trigger some sells with next support at 1.6360.

Support levels: 1.6430 1.6400 1.6360

Resistance levels: 1.6500 1.6547 1.6610

USD/JPY Current Price 98.14

chart 5

Pair is regaining the upside thus needs to confirm a break above a short term descendant trend line at the very close 98.32 zone, that failed to break after U.S. reports spike. Above that level, next strong resistance zone will come at the 98.70 zone, a longer term descendant trend line. Above that, consider 99.10 as immediate resistance zone. Indicators in the hourly have turned to the downside, but 20 SMA seems to be acting as dynamic support. Candle opening under that level, around 98.00 could expose the downside.

Support levels: 98.00 97.65 97.20

Resistance levels: 98.32 98.70 99.10 

USD/CHF: Current Price: 1.0787

chart 6

Pair remains range bound yet tending lower. Bigger time frames also point for further losses, that could be trigger once 1.0750 static support gives up. Bearish indicators and price under the 20 SMA support the view.

Support levels: 1.0750 1.0720 1.0680

Resistance levels: 1.0810 1.0850 1.0890

NOTE: when not detail, supports and resistance levels reflect past session candles minimums or maximums congestion zones.

Category: Forecast | Added by: forex-market (2009-06-11)
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