Technical Analysis 15/04/2010 of FXCBS

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Thursday April 15 , 2010

Previous session overview

EUR fell against the dollar, currently trading at levels of 1.36374 after hitting its highest level at 1.36667 and the lowest level at 1.36296; on the other hand, this down movement may continue to the level of 1.36000.

The pair sterling against the U.S. dollar rose during the Asian session to achieve the highest level at 1.55217, and the lowest level was at 1.54590, the pair trading now around the level of 1.55082.

Finally the pair U.S. dollar against the Japanese Yen traded in a narrow range during the Asian session between the highest level at 93.523 and the lowest level at 93.187 , the pair trading now around the level of 93.307.

Market Expectations

EUR/USD : Today we expect a bearish direction for the pair euro against the U.S. dollar to touch the support level at 1.35900 to get rid of the negative signs that show through determined indicators , followed by upward turning point for the pair to achieve the target of 1.37250 then 1.37850 , these expectation require stability of trading above the level of 1.35250.




GBP/USD :Today, we expect for the pair sterling against the U.S. dollar some volatility around the level of 1.55000 before continuing the journey towards to the target of 1.56650 boarding at the corrective level at 61.8% Fibonacci, these expectations require at least the stability of the trading today above the level of 1.54500.



USD/JPY :We await a clear breach for the neckline at 93.650, which will open the way towards targets at 94.450 and 95.350. Our expectations are supported by upside signals from Stochastic, which require steady trading above 92.550.



Senior Analyst / Ali Hasan /FXCBS

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