Technical Analysis 8/04/2010 of FXCBS

Thursday April 8 , 2010

Previous session overview

The euro dollar pair is consolidating between the 1.33480 levels and the 1.32850 levels recording a high of 1.33481 and a low of 1.32855, having the union currency trading around 1.32953.

Regarding the pound dollar pair, it is trading between a high of 1.52431 and a low of 1.51479, having the royal currency trading around 1.51724.

Finally, the dollar Yen pair recorded a high of 93.432 and a low of 93.062, and it is currently trading around 93.101.

Market Expectations

EUR/USD :Today, we expect a further drop for the pair euro against the U.S. dollar to the goals 1.32500 and then to the level of 1.31800, Stochastic approaching saturation in selling momentum, which may lead to fluctuations for the price around the level of 1.33250 to get rid of this negative determination before continuing the downward trend to the targets specified above.

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


GBP/USD :Sterling against the U.S. dollar is approaching to re-test the support level of 1.51250, we expect a decline for the pair for this day to the target level at 1.50500, and this expectation requires stability of the trading below 1.53000.

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


USD/JPY :Today, we expect the pair to continue the decline for the pair of the dollar against the Japanese yen, which mainly targets levels of 92.90 and 92.30. Constant trading under the level of 94.00 is important for achieving these expectations.

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



Senior Analyst / Ali Hasan /FXCBS

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