Technical Analysis 12/08/2010 FXCBS

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Thursday August 12 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asia session between the lowest level at 1.28297 and the highest level at 1.29190, the pair trading now around the level of 1.28980.

The pair Sterling against the U.S. dollar traded during the Asia session between the lowest level at 1.56130 and the highest level at 1.57130, the pair trading now around the level of 1.56956.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asia session between the lowest level at 84.932 and the highest level at 85.474, the pair trading around the level of 85.343.

Market Expectations

EUR/USD : We expect more declining for the pair Euro against the U.S. dollar to the level of 1.28300 which is represented 61.8% Fibonacci; if the pair can penetrate this level that mean the pair will achieve a new target at 1.27150 then 1.25890.



GBP/USD : We expect for the pair Sterling against the U.S. dollar a decline to the level of 1.55900 then to the level of 1.55100, the determined indicators supporting our expectations.



USD/JPY : The bearish direction has been activated after rebounding towards levels near 85.300Our expectations remain intact and stabilizing below 85.000, which could cause more negative pressure on the pair.



Senior Analyst / Ali Hasan /FXCBS

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