Technical analysis 04/12/09 of fxcbs

[fxcbsar]

This is the fundamental analysis and technical daily and provided by specialists and analysts from the company FXCBS

Previous session overview

Major currencies traded within a narrow range against the U.S. dollar during the Asian section, the dollar index traded between the highest price at 74.82 and lowest price at 74.74, the euro against the dollar traded in a narrow range between the lowest price at 1.50367 and the highest price at 1.50909, the pair now trade at level 1.50639 ,sterling against the dollar also traded in a narrow range between the lowest price at 1.65223 and the highest price at 1.66449, the pair now trade at level 1.6526 ,the dollar against the yen traded between the highest price at 88.418 and the lowest price at 87.993, the pair now trade at levels of 88.220.
Today we are waiting to read the issuance of orders factories, and Unemployment rates for the month of November from the U.S economics, and then we will wait for Non-Farm Employment Change.


Market Expectations

EUR/USD

The pair Euro against the U.S. dollar returned yesterday to test the support level at 1.50350 , and make a correction to the level of 61.8% Fibonacci ,we expect an upward trend for today aimed the level of 1.51800, this expectation need stability of trading above 1.50350 and break through the resistance level 1.51000

GBP/USD

We expected that the sterling against the U.S. dollar rise to achieve the goals at1.68500 and then to the level 1.69150, all of those expectations need stability of trading above 1.66430 and close four hours candle above this level with the possibility of some volatility for the price at that level.

USD/ JPY

The dollar continues gains against the Yen, we expected the trend will stay up for the pair During the day, this expectations requires essentially a constant of level at 87.500, then we can wait for more more substantive goals at 89.120.

Ali Hasan / Senior Analyst /FXCBS