Technical Analysis 23/07/2010 FXCBS

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Friday July 23 , 2010

Previous session overview

The Euro against U.S. dollar traded today between the lowest level at 1.28604 and the highest level at 1.29653, while the pair is currently trading around the level of 1.28892.

Regarding the pair Sterling against the U.S. dollar, traded today between the lowest level at 1.52508 and the highest level at 1.54490, the pair is currently trading around the level of 1.54010.

Finally the pair U.S. dollar traded today between the lowest level at 86.735 and the highest level at 87.469, while the pair is currently trading around the level of 87.375.

Market Expectations

EUR/USD : etermined indicators for the pair Euro against the U.S. dollar started to show negative sign, therefore we expect the pair will decline to the level 1.27850, but we advice to monitor the trading for the pair until the Bank Stress Test Results are issued at 7:00pm.




GBP/USD : etermined indicators started to show negative signs for the pair Sterling against the U.S. dollar which may lead the pair to decline to the level of 1.52850 before it can go up again, stability of the trading below the level of 1.54550 necessary to achieve these expectations.




USD/JPY : The pair has gradually revisited the retest level mentioned this morning around 87.400, accompanied with ongoing negative signs from momentum indicators. Therefore, our expectations remain intact as long as stability is below 88.090.




Senior Analyst / Ali Hasan /FXCBS

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