Tuesday July 13 , 2010

Previous session overview

The major currency traded during the Asia session in a narrow range, while the dollar index trade during the Asia session between the highest level at 84.220 and the lowest level at 84.110 , the index traded now around the level of 84.200.The pair Euro against the U.S. dollar traded during the Asian session in a narrow range between the lowest level at 1.25562 and the highest level at 1.26134, the pair trading now around the level of 1.25600, today we are waiting from Euro Zone economic the result of the German ZEW Economic Sentiment.

Regarding the pair Sterling against the U.S. dollar also traded in a narrow range the Asian session between the lowest level at 1.49785 and the highest level 1.50464 , the pair is currently trading around the level of 1.49810, we are waiting today from UK economic the result of CPI y/y and the CB Leading Index m/m.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asian session between the lowest level at 88.467 and the highest level at 88.864 , the pair trading now around the level of 88.652.

Market Expectations

EUR/USD : etermined indicators for the pair Euro against the U.S. dollar shows a positive sign and the moving average 50 (MA 50) (1.25560) is strong support for the pair, all of these lead us to expect an uptrend for the pair to the level of 1.27000, stability of the trading above the level of 1.25500 necessary to achieve these expectations.



GBP/USD : etermined indicators for the pair Sterling against the U.S. dollar show negative sign which may lead the pair to decline to the level of 1.49520 then to the level of 1.48900, stability of the trading below the level of 1.50750 necessary to achieve these expectations.



USD/JPY : We expect some fluctuation for the pair U.S. dollar against the Japanese Yen before continues the declining to the level of 87.500 then to the main target at 87.000, stability of the trading below the level of 89.100 necessary to achieve these expectations.




Senior Analyst / Ali Hasan /FXCBS

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