Technical analysis 6/01/10 of FXCBS

This is Technical analysis daily and provided by specialists and analysts from FXCBS

Wednesday January 6 , 2010

Previous session overview

The euro dollar pair fell slightly recording a low of 1.43330 and a high of 1.43700 at the Asia session, having the euro currency trading around 1.43281. The pair couldn't breach the 1.44600 levels yesterday, and fell back to the 1.43450 levels.


Regarding the pound dollar pair, it breached the 1.60110 levels yesterday and currently the pair is trading around 1.60380, and the high was at 1.43704 and the low was at 1.42832.


Finally, the dollar rallied against the Japanese yen in today's Asian session to offset a sharp decline we witnessed yesterday, and the pair recorded a high of 92.246 and a low of 91.520.



Market Expectations

EUR/USD :
Euro fell against the U.S dollar yesterday to the support level at 1.43450, we expect today that the pair will breakthrough these level to achieve further declines to the new target which is aimed at the point 1.42270, this expectation require stability of trading below the level 1.43450, and we reference to the presence of some saturation in the sales for the pair.

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GBP/USD :
Sterling against the U.S. dollar fell yesterday sharply and now approaching the support level at the 1.59250 level of 76.4% Fibonacci, Stochastic appears saturated in sales, which make us expect a correction for the pair before continuing to decline towards to the level 1.57850.

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USD/JPY :
The pair U.S dollar against the Japanese yen complete its corrective movement to the level 92.200, we expect now that the pair will return to continues the downside movement to the target level at 90.700, this expectation requires constant of trading below 92.200.

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

USD/CAD :
We see that the expected direction for today could be bearish, where its main targets reside at 1.03300 followed by 1.02700. Keep in mind that it is vital that 1.04550 remain intact so chances of achieving these expectations prevail, the general trend is to the downside as far as 1.18700.kjlkj

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Senior Analyst / Ali Hasan / FXCBS

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