Technical Analysis 22/03/2010 of FXCBS

Monday March 22 , 2010

Previous session overview

The euro dollar pair extended its last week's decline recording a low of 1.34899 and a high of 1.35366, having the union currency trading around 1.35061.

Regarding the pound dollar pair, it continued to drop recording a low of 1.49319 and a high of 1.50241, having the royal currency trading around 1.49567.

Finally, the dollar yen pair is consolidating between a high of 90.770 and a low of 90.415, while it is currently trading around 90.740.

Market Expectations

EUR/USD :The of EUR against the U.S. dollar failed to settle above the level of 1.38000 which led the pair to retest the support level at 1.34850, bearish signals shows for the pair through the chart and technical indicators confirms that, which made us predict bearish movement for the pair today and the rest of the week, we may see today some of the volatility for the pair around the level of support which mentioned before continuing the decline.

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GBP/USD : The pair sterling against U.S dollar failed to stabilize on the level of 50% over the past week at a price of 1.52650, which prompts the pair to drop back to the levels of 1.49500, RSI on the weekly chart still pushes the pair to decline, which leads us to keep our expectations in landing during the trading today.

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

USD/JPY :The pair U.S dollar against Japanese Yen failed to stabilize below 89.650 and will stay on sideway trading in attempt to achieve the ongoing bullish direction. We hold onto the neutral stance throughout the day. We recommend following up with the daily report and keeping up with the pair's movement towards 92.250 and 89.650.


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Senior Analyst / Ali Hasan /FXCBS

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