Technical Analysis 23/06/2010 FXCBS

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Wednesday June 23 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asian session in a narrow range between the lowest level at 1.22452 and the highest level at 1.22788, the pair is currently trading around the level 1.22639.

The pair Sterling against U.S. dollar also traded in a narrow range during the Asian session between the lowest level at 1.48022 and the highest level at 1.48345, the pair is currently trading around the level of 1.48227.

Finally the pair U.S. dollar against the Japanese traded during the Asian session in a narrow range between the lowest level at 90.370 and the highest level at 90.584, the pair is currently trading around the level of 90.420.

Market Expectations

EUR/USD :The pair Euro against the U.S. dollar is approaching the level 38.2% Fibonacci (1.22400), today we advice to monitor the trade because if the pair can break through the level of 1.22400 it may cause more decline for the pair , and if it couldn’t breakthrough this may lead the pair to resume its bullish movement.




GBP/USD : etermined indicators for the pair Sterling against the U.S. dollar shows negative signs that may lead the pair to fluctuate before continuing its raise, closing of the four hours candlestick above the level of 1.47850 supports our expectations, stability of the trading above the level of 1.47850 is necessary to achieve the rising of the pair Sterling against the Japanese Yen.




USD/JPY : Stability of the trading for the pair U.S. dollar against the Japanese Yen below the level of 90.650 leads us to expect more decline for the pair to the target of 89.650 then to the target of 88.990, stability of trading below the level of 91.250 is necessary to achieve these expectations .




Senior Analyst / Ali Hasan /FXCBS

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