Technical analysis 15/12/09 of FXCBS

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

Previous session overview

The euro and the pound declined against the dollar in today's Asian session, while the yen gained.

The euro dollar pair declined to record a low of 1.45519 and a high of 1.46628, having the 16 nation's currency trading around 1.45621.

The pound dollar pair fell to record a low of 1.62460 along with a high of 1.63191, having the pair trading around 1.62750.

Finally, the dollar yen pair inclined slightly recording a high of 88.990 along with a low of 88.600, and the pair is currently trading around 88.900.

Market Expectations

EUR/USD :
The Euro against the US dollar confined with a narrow trading yesterday , stochastic indicator make us expect that the pair will decline today to the level 1.45600 then to 1.45000 , these expectations requires constant trading below 1.47350.

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

GBP/USD :
Sterling against the U.S. dollar also confined with a narrow trading during the previous session between 1.61900 and 1.63250 , which give the pair Negative determination and will push it to go further down to the level 1.60600 as first target then to the level of 1.59650, these expectations requires constant trading below 1.6380.

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

USD/JPY :
We expect the U.S. dollar against the Japanese yen will drop down during the day to the target level of 87.350 and then 86.250, and that expectations requires constant trading below 90.250 and breakthrough the support level at 88.450.

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

USD/CAD :
We expect that the pair U.S. dollar against the Canadian dollar must be go down to the level 1.05000 then reverse to achieve the target 1.0725 stochastic indicator support our expectations and closing the price today above 1.05000 will acheive and support our expectations.

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

Senior Analyst / Ali Hasan / FXCBS

Oil prices rose above $70 a barrel on Tuesday, snapping their longest losing streak since 2001, as traders bet that government data will show U.S. crude inventories fell last week and colder-than-normal weather will boost demand for heating oil.

Oil prices rebounded from nine consecutive trading days of losses, after falling more than 11% since Dec. 1, amid high global crude inventories and weak fuel demand.