Technical Analysis 5/08/2010 FXCBS

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Thursday August 5 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asia session between the highest level at 1.31744 and the lowest level at 1.31191, and the highest level at 1.31744, the pair trading now around the level of 1.31456.

Regarding to the pair Sterling against the U.S. dollar traded during the Asia session between the lowest level at 1.58204 and the highest level 1.59095, the pair trading now around the level of 1.58387.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asia session between the lowest level at 86.015 and the highest level at 86.442 , the pair trading now around the level of 86.309.

Market Expectations

EUR/USD : The level of 1.32450 was strong resistance lead the pair of Euro against the U.S. dollar to decline to the level 1.31260, we expect today more decline start after the pair can penetrate the level of 1.30850, determined indicators still show negative sign support our expectations.



GBP/USD : We expect today more decline for the pair Sterling against the U.S. dollar to the level of 1.56890, these decline needs tow things first stability of the trading below the level of 1.58920 and penetration for the level 1.58000.



USD/JPY : The pair U.S. dollar against the Japanese Yen makes an up corrective to the level 38.2% Fibonacci , today we expect a decline for the pair support by negative sign which show through stochastic indicators to the level of 85.230 .



Senior Analyst / Ali Hasan /FXCBS

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