Technical Analysis 18/03/2010 of FXCBS

Thursday March 18 , 2010

Previous session overview

The euro dollar Pair traded during the Asian trading in a narrow down trend range between the lowest price at 1.36664 and the highest at 1.37409. The pair is currently trading around 1.36710.

The Sterling against the dollar pair also traded in a narrow slanting range between lowest level at 1.52707 and highest level at 1.53239, where the pair traded now at 1.5297.

Dollar against the yen traded in the Asian session between lowest level at 90.060 and highest level at 90.421, which is now traded at 90.250 levels between.

Market Expectations

EUR/USD :The pair euro against the U.S. dollar moved downwards with the beginning of trading session to the support level at 1.36650, we expect a breakthrough for this level during the day to the level of 1.36200 and then 1.35850.

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


GBP/USD : Downward trend technical model has been formed on the charts of the pair sterling against the U.S. dollar, After the pair completed its correction yesterday at the level of 50% Fibonacci since declining from the level 1.64000, We expect today's trend a downward trend for the pair to the level of 1.52250 if the pair breaks through this level we may achieve the level of 1.51000.

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


USD/JPY :We expect a bearish direction over a short term trend that will start with the breach of the mentioned neckline and towards 89.450 – 89.000 as primary targets, followed by 88.220. Keep in mind that these expectations requires to stabilize under the main levels of 90.00 and 90.650

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

Senior Analyst / Ali Hasan /FXCBS

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