Technical Analysis 22/07/2010 FXCBS

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Thursday July 22 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded in a narrow range during the Asian session between the highest level at 1.27864 and the lowest level at 1.27373, while the pair is currently trading around the level of 1.27743.

Regarding the pair Sterling against the U.S. dollar traded also in a narrow range during the Asian session between the highest level at 1.51975 and the lowest level at 1.51507, the pair is currently trading around the level of 1.51815.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asian session between the highest level at 87.084 and the lowest level at 86.339, the pair trading now around the level of 86.520.

Market Expectations

EUR/USD : We expect some fluctuation for the pair Euro against the U.S. dollar around the level of 1.27850 to get rid of the positive signs that shows through determined indicators (one hour time frame) then the pair will continue it’s declining to the target of 1.27000 then to the target of 1.26510, stability of trading below the level of 1.28510 is necessary to achieve these expectations.




GBP/USD : Stability of trading for the pair Sterling against the U.S. dollar below the level 1.52220 (MA 50) and the closing of the four hour candlestick below these level lead us to expect more decline for the pair today to the target of 1.51010.




USD/JPY : We could witness some fluctuation for the pair U.S dollar against the Japanese Yen, but we expect a bearish intraday direction affected by stabilizing below the breached minor bullish channel, the target will be 85.790 then 84.800.




Senior Analyst / Ali Hasan /FXCBS

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