Technical Analysis 26/07/2010 FXCBS

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Monday July 26 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asian session between the lowest level at 1.28763 and the highest level at 1.29582, while the pair is trading now around the level of 1.29421.

Regarding to the pair Sterling against the U.S. dollar also traded during the Asian session between the lowest level at 1.53944 and the highest level at 1.55006, the pair is trading now around the level of 1.54795.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asian session between the lowest level at 87.300 and the highest level at 87.714, The pair trading now around the level of 87.320.

Market Expectations

EUR/USD : We expect today for the pair Euro against the U.S. dollar a decline in a corrective movement to the level of 1.20110 then to the level of 1.28100 before the pair can continues its upward movement, stability of the trading above the level of 1.27350 necessary to save the uptrend for the pair, the level of 1.29950 still strong resistance for the pair.



GBP/USD : The pair Sterling against the U.S. dollar started to draw a double top on the four hour candlestick at the level of 1.54680 with start showing negative sign for the pair through determined indicators, all of these lead us to expect that the pair will make a corrective movement to the level 1.53450 then to the level of 1.52900 before it continues its bullish move to the target of 1.56350.



USD/JPY : The pair is close to touching this level’s resistance for the bearish direction at 88.100, accompanied by determined indicators which are nearing overbought areas; therefore we expect a bearish trend for this week that targets 85.850



Senior Analyst / Ali Hasan /FXCBS

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