Technical Analysis 5/07/2010 FXCBS

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Monday July 5 , 2010

Previous session overview

The pair Euro against U.S. dollar traded during the Asia session in a narrow range between the highest level at 1.25631 and the lowest level at 1.25214 , while the pair trading now around the level of 1.25439.

Regarding to the pair Sterling against the U.S. dollar also traded during the Asia session in a narrow range between the lowest level at 1.51647 and the highest level at 1.51999, the pair trading now around the level of 1.51845.

Finally the pair U.S. dollar against the Japanese Yen traded in a narrow range during the Asia session between the lowest level at 87.645 and the highest level at 88.003 , the pair trading now around the level of 88.931 .

Market Expectations

EUR/USD : etermined indicators for the pair Euro against the U.S. dollar show negative sign , also the level of 38.2% (1.25620) Fibonacci is a strong resistance for the pair , which make us expect to declining for the pair to the level of 1.24550.




GBP/USD : etermined indicators for the pair Sterling against the U.S. dollar (Royal pair) show negative sign which may lead the pair to corrective decline before continuing its raising again, stability of the trading above the level of 1.50000 necessary to make the pair return to uptrend movement.



USD/JPY : We expect today some fluctuation for the pair U.S. dollar against the Japanese Yen to get red from positive sign before continue the declining movement to the target of 87.300 then to the target of 86.650 .



Senior Analyst / Ali Hasan /FXCBS

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