Technical Analysis 22/10/2010 FXCBS

Friday October 22 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asia session between the lowest level at 1.38891 and the highest level at 1.39702, the pair trading now around the level of 1.39074.

Regarding to the pair Sterling against the U.S. dollar traded during the Asia session between the lowest level at 1.56930 and the highest level at 1.57505, the pair trading now around the level of 1.57037.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asia session between the lowest level at 80.994 and the highest level at 81.370 , the pair trading now around the level of 81.128.

Market Expectations

EUR/USD : the pair Euro against the U.S dollar wedged between levels like support 1.3870 and resistance 1.39900 , The pair was unable to stabilize above pivotal resistance point last day at 1.39900 , so we we expect a bearish intraday direction to the first target at 1.36900 , these expectations require stability of the trading below the level of 1.39900.

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

GBP/USD : The pair Sterling against the U.S. dollar was able to stabilize below pivotal support 1.57250 , so we expect a bearish intraday direction targeting 1.55500 , stability of the trading below the level of 1.58250 necessary to achieve these expectations .

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

USD/JPY : We expect a bullish intraday trend, supported by a bullish crossover appearing on Stochastic. The expected targets start at 82.000 then 82.450, which require the daily closing above 81.000 to prevail.

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


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