Thursday June 17 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded in a narrow range during the Asian session between the lowest level at 1.22563 and the highest level at 1.23149, the pair trading now around the level of 1.22811.

Regarding to the pair Sterling against the U.S. dollar was also trade in a narrow range during the Asian session between the lowest level at 1.46842 and the highest level at 1.47370, the pair is currently trading around the level of 1.47110.

Finally the pair U.S. dollar against the Japanese Yen was traded in a narrow range during the Asian session between the lowest level at 91.189 and the highest level at 91.436 , the pair trading now around the level of 91.317.

Market Expectations

EUR/USD :The negative pressure on the pair has caused a direct negative impact on momentum indicators as the pair descends towards support for the minor upside channel, determined indicators show a saturation in the purchasing process but stochastic indicator still show positive sign , so we advice to monitor the price today .




GBP/USD :The level of 74.6% Fibonacci for the pair Sterling against the U.S. dollar has stood as a strong barrier in front of the pairís which cause a decline for the pair below the level 61.8% Fibonacci (1.47700) , for that we expect a bearish intraday direction , and these expectation require stability of trading below the level 1.47700.




USD/JPY :Form a technical downtrend appear on the chart for four hours candlestick Supported by the steadfastness of the 50 moving average resistance to price , so we expect today a bearish intraday starting after breakthrough the support level at 90.850 to the target 89.600 then to the target 88.880.



Senior Analyst / Ali Hasan /FXCBS

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