Technical Analysis 7/07/2010 FXCBS

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Wednesday July 7 , 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 1.25764 and the highest level at 1.26334, the pair trading now around the level of 1.25831.

Regarding to the pair Sterling against the U.S. dollar it’s also traded in a narrow range during the Asian session between the highest level at 1.51600 and the lowest level at 1.51138, the pair trading now around the level of 1.51248.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asia session in a narrow range between the lowest level at 87.281 and the highest level at 87.674 , the pair trading now around the level of 87.355.

Market Expectations

EUR/USD : etermined indicators for the pair Euro against the U.S. dollar shows negative signs that may lead the pair to make a corrective movement to the level of 23.6% Fibonacci (1.25550) before continues its bullish move to the target of 1.27400 , stability of the trading above that level necessary to achieve our expectations .




GBP/USD : etermined indicators for the pair Sterling against the U.S. dollar which is leading the pair now to corrective movement to the level 38.2% Fibonacci (1.50750) before it can return to the uptrend, stability of this level necessary for the pair to return to raising movement.



USD/JPY : We expect a bearish intraday trend that will start with the breach of 87.30 to pave the way towards 86.60 then 85.35. Stability of the trading below the level of 88.000 necessary to achieve these expectations.




Senior Analyst / Ali Hasan /FXCBS

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