Technical analysis 29/12/09 of FXCBS

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

The Euro against the US dollar traded in a narrow range durring the Asian session , the highest price at1.44280 and low price at 1.43539.

The Sterling against the US dollar raise during the Asian session to achieved the highest price at 1.60675and a low at 1.59953.

The US dollar against the JPY also traded in a narrow rang durring the Asian session has touched a high at 91.778 and low at 91.525.


Market Expectations

EUR/USD :
EUR against the U.S. dollar still trading in a narrow rang between the support level at 1.4350 and the resistance level 1.44230 , we expect to continues this vibrating movement for few days before we can judge the direction for the pair.

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

GBP/USD :
Sterling against the U.S. dollar has made some slight rise and tries to approach the resistance level at 1.60850; the momentum is still weak, thereby keeping the pair traded fairly quiet for several days we must wait for few days before we can see the direction.

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

USD/JPY :
We still see that the expected direction for today is bullish; targeting main resistance levels at 92.50 as a primary target for the present bullish short term wave, before possibly reversing. Keep in mind that the breach of 90.75 could cancel out the need to touch main resistance and directly start a bearish trend.

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

Senior Analyst / Ali Hasan / FXCBS