Technical Analysis 12/05/2010 of FXCBS

Wednesday May 12 , 2010

Previous session overview

The euro dollar pair fell in the Asian session recording a low of 1.26053 and a high of 1.26681, having the union currency trading around 1.26286.

Regarding the pound dollar pair, it dropped in the Asian session recording a low of 1.48607 and a high of 1.49715, having the royal currency trading around 1.48909.

Finally, the American dollar fell against the yen for the second straight day recording a low of 92.442 and a high of 92.932, and the pair is currently trading around 92.609.

Market Expectations

EUR/USD : We expect today a declining for the pair Euro against the U.S. dollar to start with breakthrough for the support level at 1.26000, which will lead the pair to fall to the level of 1.25180 then 1.24320, stability of trading below the resistance level at 1.27970 is necessary to achieve these expectations.


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GBP/USD : Determined indicators are close to saturation levels in the procurement process for the pair sterling against the U.S. dollar, which may lead the pair to fall to the level of 1.46600, this decline will start after breakthrough of the support level at 1.48060.


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USD/JPY : The support level of 92.30 is maintaining its stance in front of the pair's attempts to descend, so we expect a fraction for this level will leads the pair to the level of 91.450 stability of trading below the level of 93.00 necessary to achieve that.


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Senior Analyst / Ali Hasan /FXCBS

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