Technical analysis 12/01/10 of FXCBS

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

Tuesday January 12 , 20

Previous session overview

The euro dollar pair declined in today's Asian session after three days of gains, recording a high of 1.45214 and a low of 1.44532, having the union currency trading around 1.45107.

Regarding the pound dollar pair, it fell slightly to record a low of 1.60621 and a high of 1.61287, having the royal currency trading around 1.60959.


Finally, the dollar inclined against the Japanese yen recording a high of 92.414 and a low of 91.723, and the pair is currently trading around 91.915.


Market Expectations

EUR/USD :
The Euro versus dollar returned within the ascending channel in an attempt for some bearish correction Stochastic is entering oversold areas; therefore keeping our previous expectations of achieving a possible bullish intraday direction that will build its base on 1.4435 and initially target 1.4565 and then 1.4675.

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

GBP/USD :
The last descend enabled the pair to get rid of the negative signs that appeared on the stochastic that neared showing a positive reversal sign that supports our previous expectations, as long as the expected bullish direction continues over an intraday basis targeting first the breach of pivotal resistance 1.6240 and then head towards 1.6360. It is vital that 1.6005 remain intact to maintain chances of achieving this awaited ascend.

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

USD/JPY :
The dollar versus yen was able to breach minor support, shown yesterday at 92.10 and is currently retesting this breach as it appears on the line chart above we still keep our expectations ( bearish direction for today) main targets are at 91.250 and then to the 90.000.

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

Senior Analyst / Ali Hasan /FXCBS

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