Technical Analysis 16/06/2010 FXCBS

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Wednesday June 16 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded in a narrow range during the Asian session between the lowest level at 1.23083 and the highest level at 1.23404, the pair trading now around the level of 1.23334.

Regarding to the pair Sterling against the U.S. dollar also traded in a narrow range during the Asian session between the lowest level at 1.47878 and the highest level at 1.48212, the pair trading now around the level of 1.48171.

Finally the pair U.S. dollar against the Japanese Yen traded in a narrow range during the Asian between the lowest level at 91.394 and the highest level at 91.665 , the pair trading at this time around the level of 91.561.

Market Expectations

EUR/USD :We expect today a decline for the pair Euro against the U.S. dollar to retest again the support level at 1.21500, determined indicators show negative sign support our expectations, stability of trading below the level of 1.24310 necessary to achieve these expectations.




GBP/USD :The pair Sterling against the U.S. dollar breakthrough the Fibonacci level 61.8% (1.47700) and closed four hour candlestick above it, all of that lead us to expect a bullish trend today to the target of 1.48650 then to the 1.49850, but maybe some volatility will occur around the level of 1.48201 before these expectations happen.




USD/JPY :We expect today for the pair U.S. dollar against the Japanese Yen a bullish trend, the positive signs which shows through stochastic indicators support our expectations , but the pair should breakthrough the moving average 50 to open the way for more upside trend , stability of trading above the level of 91.000 necessary to achieve these expectations .




Senior Analyst / Ali Hasan /FXCBS

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