Technical Analysis 6/07/2010 FXCBS

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Tuesday July 6 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asia session between the lowest level at 1.24802 and the highest level at 1.25869 , while the pair trading now around the level of 1.25822.

Regarding to the pair Sterling against the U.S. dollar traded during the Asia session between the lowest level at1.50817 and the highest level at 1.51914, the pair trading now around the level of 1.51770.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asia session between the highest level at 87.853 and the lowest level at87.415, while the pair trading now around the level of 87.766.

Market Expectations

EUR/USD : The moving average 50 (MA50) is strong support for the pair Euro against the U.S. dollar and the determined indicators for the pair which show positive sign lead us to expect an uptrend today to the target of 1.26400 then 1.27000 , stability of the trading above the level of 1.24350 necessary to achieve these expectations .




GBP/USD : etermined indicators for the pair Sterling against the U.S. dollar show negative sign which may lead the pair to decline to retest the level 1.50650 (MA50) during the trading today , stability of the trading below the level of 1.52340 necessary to achieve these expectations .




USD/JPY : The pair is fluctuating within a sideway range in adown channel and the Moving average50 still has negative pressure on the pair U.S. dollar against Japanese yen , all of these lead us to expect a decline for the pair to the level of 86.650 then 85.380.



Senior Analyst / Ali Hasan /FXCBS

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