Technical Analysis 2/09/2010 FXCBS

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Thursday September 2 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asia session in a narrow range between the highest level at 1.28134 and the lowest level at 1.27816, while the pair trading now around the level of 1.280098.

The pair Sterling against the U.S. dollar traded during the Asia session in a narrow range between the highest level at 1.54604 and the lowest level at 1.53930, while the pair trading now around the level of 1.54151.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asia session between the lowest level at 84.071 and the highest level at 84.551 , the pair trading now around the level of 84.142.

Market Expectations

EUR/USD : We expect today a decline for the pair Euro against the U.S. dollar which will start after the pair can penetrate the level of 1.2770, which may lead the pair to the level 1.26520, stability of the trading below the level 1.28500 necessary to achieve these expectations.




GBP/USD : We expect today a decline for the pair Sterling against the U.S dollar to the level 1.53000 then to the level of 1.52450; these expectations require stability of the trading below the level of 1.54850.




USD/JPY : SMA 50 is still preventing the pair from reaching the resistance at 84.85; while a negative intersection on Stochastic signals that the previously suggested bearish intraday direction is still valid, with targets at 83.450then 83.000 that requires a four-hour closing below 84.850.



Senior Analyst / Ali Hasan /FXCBS

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