Technical Analysis 18/08/2010 FXCBS

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Wednesday August 18 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asia session between the highest level at 1.28845 and the lowest level at 1.28234 , while the pair trading now around the level of 1.28349.

Regarding to the pair Sterling against the U.S. dollar traded during the Asia session between the highest level at 1.55854 and the lowest level at 1.54981 , while the pair trading now around the level of 1.55263.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asia session between the lowest level at 85.331 and the highest level at 85.680 , the pair trading now around the level of 85.481.

Market Expectations

EUR/USD : We expect today a decline for the pair Euro against the U.S. dollar to the level of 1.27300, if the pair can penetrate this target it may achieve the level 1.25430, stability of the trading below the level of 1.29080 necessary to achieve these expectations.



GBP/USD : We expect today a decline for the pair Sterling against the U.S. dollar to the level 1.54450 then to the level of 1.54100, stability of the trading below the (MA 50) necessary to achieve these declines.



USD/JPY : The pair U.S. dollar against the Japanese Yen is trading within a narrow range since this morning, with ongoing oversold signs appearing through the stochastic; therefore, the suggested morning scenario will remain intact as long as trading is above 85.220.



Senior Analyst / Ali Hasan /FXCBS

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