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Currency Majors Technical Perspective

FXstreet.com Independent Analyst Team Wed, Feb 22 2012, 14:29 GMT
 by  Valeria Bednarik  - FXstreet.com Independent Analyst Team   |   View company's profile
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EUR/USD Current price: 1.3235
View Live Chart for the EUR/USD

Despite ongoing risk aversion among major markets, the EUR/USD trades in a quite limited range, just above the 1.3200 mark. Early Europe, euro zone PMI figures unexpectedly contracted, while Flitch rating agency announced today that it had downgraded Greece's credit rating from 'CCC' to 'C', because in its opinion a "default is highly likely in the near term." The EUR/USD hourly chart however, shows indicators flat around their midlines and price hovering around an also flat 20 SMA, lacking strength either side of the board. In the 4 hours chart price is finding support in a still bullish 20 SMA that converges with the 23.6% retracement of latest daily run around 1.3210, although indicators had turn south and approach their midlines. Below 1.3180, recent lows and 38.2% of the same rally, the pair may accelerate lower.

Support levels: 1.3210 1.3180 1.3140

Resistance levels: 1.3275 1.3320 1.3355

GBP/USD Current price: 1.5672
View Live Chart for the GBP/USD (Select the currency)

Pound was hit today by BOE Minutes, showing 2 of the 9 members voted for even more facilities in the last economic policy meeting. The GBP/USD has lost around 150 from pre news levels, holding a strong bearish tone according to hourly indicators that reached oversold levels. 20 SMA above current price gains bearish slope, while in bigger time frames the technical outlook is also strongly bearish, as price also broke below 200 EMA, currently around 1.5700 and immediate resistance zone. Early month low around 1.5640 is next support, while a break below it should lead to more falls in price.

Support levels: 1.5640 1.5600 1.5550

Resistance levels: 1.5700 1.5730 1.5770

USD/JPY Current price: 80.25
View Live Chart for the USD/JPY (select the currency)

The USD/JPY finally broke above 80.00 on dollar buying early Europe, and trades steady just above past August high at 80.22. The hourly chart shows RSI still in overbought territory yet far from signaling a bearish correction, while momentum shows signs of exhaustion, still way above its midline; 20 SMA continues heading higher below current price, while 4 hours chart shows an acceleration in the bullish momentum, all of which supports more gains for the greenback against its Japanese rival.

Support levels: 79.90 79.50 79.25

Resistance levels: 80.40 80.65 80.90

USD/CHF: Current price: 0.9118
View Live Chart for the USD/CHF (select the currency)

Unchanged since last updates, the USD/CHF trades in a quite limited range, with the hourly chart showing indicators flat, with no direction. In the 4 hours chart price remains capped below a still bearish 20 SMA although technical indicators are approaching their midlines downside up, showing selling interest seems to be easing. However, only a recovery above 0.9140 may favor gains in the pair, while a break below 0.9070 should trigger another wave of selling in the pair.

Support levels:  0.9070 0.9040 0.9000

Resistance levels: 0.9140 0.9165 0.9200


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Published On Wed, Feb 22 2012, 14:33 GMT

Follow the markets with Valeria Bednarik, author of the Currency Majors Technical Perspective report:

Valeria's Blog in Forexstreet.net.

About this Report

FXstreet.com Independent Analyst Team

FXstreet.com Independent Analyst Team

http://www.fxstreet.com

analyst@fxstreet.com

More Reports from this Contributor
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    Currency Majors Technical Perspective
    Wed, Feb 22 2012, 22:33 GMT
    Currency Majors Technical Perspective
    Wed, Feb 22 2012, 14:29 GMT
    Currency Majors Technical Perspective
    Wed, Feb 22 2012, 05:53 GMT
    Currency Majors Technical Perspective
    Tue, Feb 21 2012, 22:33 GMT
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    Tue, Feb 21 2012, 14:36 GMT

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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