This is technical daily and provided by specialists and analysts from FXCBS


Wednesday Dec 30, 2009

Previous session overview

 The euro dollar pair was in an attempt to rise against the dollar yesterday, but it failed to break the resistance level of 1.44580 from where it dropped back to the 1.43050 levels to close above that level.

The pound failed to gain against its American counterpart, as it stopped at the resistance level of 1.60440 from where it dropped to trade around 1.58890 levels today.

The dollar yen pair continued to gain yesterday as the dollar is attracting investors more than the Japanese yen in the last period. The pair reached 92.00 levels where it is trading around today.



Market Expectations

EUR/USD :
EUR fell against the U.S. dollar to touch the main support point at 1.43050, we expect a further drop to the level of 1.42150, but after a little consolidation movement for the pair to get rid of the determination which appears through Stochastic, this expectation requires stability of trading below the level of 1.44250.



GBP/USD :
We expect today that the pair Sterling against U.S dollar will continue it’s drop to the level 1.57450, this expectation requires stability of trading below the level 1.59600, with the possibility of some of the fluctuation for the price movement before that drop.



USD/JPY :
The dollar continued its rising against the Japanese yen to the near key resistance at 92.400. Determined indicators show saturation in procurement which leads us to expect a downward trend to the level 91.620, and we must note that the penetration of the level 92.550 opens the way for an up trend



Senior Analyst / Ali Hasan / FXCBS