Technical Analysis 8/07/2010 FXCBS

Thursday July 8 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asian session between the lowest level at 1.26206 and the highest level at 1.26878, the pair is currently trading around the level of 1.26382.

The pair Sterling against the U.S. dollar rose during the Asian session to achieve the highest level at 1.52408 and the lowest level was at 1.51710, the pair is currently trading around the level of 1.51819.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asian session between the lowest level at 87.654 and the highest level at 88.460 , the pair trading now around the level of 88.368.

Market Expectations

EUR/USD : etermined indicators show negative signs for the pair Euro against the U.S. dollar which may lead the pair to make a corrective movement to the level of 1.25800 before continues rising to the level of 1.27400 then to the level of 1.27800, stability of the trading above the level of 1.25800 necessary to achieve our expectations .

http://www.fxcbs.com/newsletter/images/EURUSD.gif

GBP/USD : etermined indicators show negative sign for the pair Sterling against the U.S. dollar which may lead the pair to make corrective movement to get red from this negative sign, then attack the resistance level at 1.52400 to breakthrough it and go to the target of 1.53000, stability of the trading above the level of 1.50800 necessary to achieve these expectations .

http://www.fxcbs.com/newsletter/images/GBPUSD.gif


USD/JPY : Stability of the trading for the pair U.S. dollar against the Japanese Yen above the moving average 50 (MA 50 ) lead us to expect an uptrend for the pair to the level of 89.100 , if the pair can penetrate this level it can achieve more up target .


http://www.fxcbs.com/newsletter/images/USDJPY.gif

Senior Analyst / Ali Hasan /FXCBS

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