Technical analysis 17/12/09 of FXCBS

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

Previous session overview

The euro dollar pair felll at the Asian session to the level of 1.44000, and the pair is now trading around the level 1.44060.

Also pound dollar pair has declined slightly recording a low of 1.62035 and a high of 1.63415, having the royal currency trading around 1.62080.

Finally, the dollar yen pair is consolidating between 89.259 and 89.561, recording a high of 90.259 and a low of 89.561, having the pair currently trading around 89.710.

Market Expectations

EUR/USD :
The Euro against the U.S. dollar acheived our targets that we mentioned in the yesterday's report at the level 1.43800 , we expect today that the pair will make a correction movement to the level 61.8% Fibonacci at the point 1.45000 , then it will be return to continnue the down trend again to the new target at the level 1.42250.

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

GBP/USD :
The pair Sterling against the U.S. dollar did not stabalize above the level 1.63350 yesterday and went further down close to our target that we mentioned in the previous report, we are still expecting the pair to drop to achieve the target of 1.60500 and the Stochastic indicator supports our expectations.

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

USD/JPY :
We expect that the resistance point 90.750 stands strong barrier for the pair U.S. dollar against the Japanese yen, which may lead the pair to to the targets of 89.120 and then to the level 88.350 , these expectations requires a stability of trading below the level of 90.750.

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

USD/CAD :
We expect to see more of the bullish direction today, supported by trades remaining intact above the breached pivotal resistance 1.06650 that will currently turn into support. We await the pair to stabilize on it to push the pair towards achieving more bullish targets that will reach 1.08450.
http://www.fxcbs.com/newsletter/images/USDCAD.gif

Senior Analyst / Ali Hasan / FXCBS