Technical Analysis 3/08/2010 FXCBS

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Tuesday August 3 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded in a narrow range during the Asia session between the lowest level at 1.31478 and the highest level at 1.31848, the pair trading now around the level of 1.31499.

Regarding to the pair sterling against the U.S. dollar also traded in a narrow range during the Asia session between the lowest level at 1.58615 and the highest level at 1.58994, the pair trading now around the level of 1.5858.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asia session between the lowest level at 86.281 and the highest level at 86.653 , while the pair trading now around the level of 86.501.

Market Expectations

EUR/USD : We expect today a decline for the pair Euro against the U.S. dollar to the level of 1.30950 , determined indicators show negative sign which is support our expectations , after that the pair will continuo it’s raising to the level of 1.32450 , stability of the trading above the level of 1.30950 necessary to achieve these expectations .



GBP/USD : We expect that the pair Sterling against the U.S. dollar will make a corrective movement during the trading today to the level of 1.58300 and maybe more than this level , we advice to monitor the trading today until we can see a clear way for the pair .



USD/JPY : Stability for the pair U.S. dollar against the Japanese Yen below SMA 50 and the resistance level at 86.550 make us expect a bearish intraday direction that targets 85.850 then 85.000.



Senior Analyst / Ali Hasan /FXCBS

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