Technical Analysis 17/03/2010 of FXCBS

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Wednesday March 17 , 2010

Previous session overview

Euro against dollar in the Asian traded in a narrow range slant upwards between highest level at 1.38180 and lowest level at 1.37632, which is trading now around 1.37966.

The Sterling against the dollar pair traded in a narrow slant upward trend between highest level 1.52688 and lowest rate 1.52085; the pairs are traded now at 1.52430.

During the Asian session the Dollar against the yen was traded among its highest level at 90.669 and the lowest price at 90.027, the pair trading now around 90.457.


Market Expectations

EUR/USD :The pair euro against the U.S. dollar hit the resistance level at 1.38200; Stochastic appears saturated in the procurement process, which could lead the pair to a corrective movement towards to the level of 1.37020.



GBP/USD : Stochastic for the pair sterling against the U.S. dollar appears saturated in the procurement process, as it is obvious from the chart for four hours, which makes us expect a decline for the pair today aimed at the level of support at1.51850, and then 1.51150.



USD/JPY :We expect a bullish intraday that targets 91.220 then 91.700 before returning to resume the bearish short term wave. Keep in mind the breach of 90.000 could pave the way for resuming the bearish short term wave.




Senior Analyst / Ali Hasan /FXCBS

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