Technical Analysis 9/08/2010 FXCBS

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Monday August 9 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asia session between the lowest level at 1.32741 and the highest level at 1.33074, the pair trading now around the level of 1.32881.

Regarding to the pair Sterling against the U.S. dollar traded during the Asia session between the lowest level at 1.59522 and the highest level at 1.59949, the pair trading now around the level of 1.59704.

Finally the pair U.S. dollar against the Japanese Yen traded in a narrow range during the Asia session between the lowest level at 85.297 and the highest level at 85.626 , while the pair trading now around the level of 85.580.

Market Expectations

EUR/USD : We expect today that the pair Euro against the U.S dollar will make a corrective movement to the level 1.31850 before continuing it’s rising to the level 1.34000, stability of the trading below the level of 1.33550 necessary to achieve these expectations.



GBP/USD : We expect today for the pair Sterling against the U.S dollar a corrective movement to the level of 1.59100 then to the level 1.58530 before continuing it’s raising to the level 1.60650, stability of the trading below the level 1.59990.



USD/JPY : The pair continued its bearish direction due to support from the bearish technical pattern forming at 85.750 , Momentum indicators are showing oversold signs that may push to retest the broken neckline, we expect a bearish direction today to the targets 84.920



Senior Analyst / Ali Hasan /FXCBS

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