Technical Analysis 8/09/2010 FXCBS

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Wednesday September 8 , 2010

Previous session overview

The pair Euro against U.S. dollar traded between the lowest level at 1.26582 and the highest level at 1.27325, while the pair trading now around the level of 1.26934.

Regarding to the pair Sterling against the U.S. dollar also traded between the lowest level at 1.53428 and the highest level at 1.54930, the pair trading now around the level of 1.54570.

Finally the pair U.S. dollar against the Japanese Yen traded between the lowest level at 83.334 and the highest level at 83.944 , the pair trading now around the level of 83.800.

Market Expectations

EUR/USD : The pair breached the pivotal support level at 1.26680 and rebounded to the upside due to the positive effect of momentum indicators. For the bearish expectations to prevail stability below the previously mentioned support is required, in addition to a base to be built below 1.27700.



GBP/USD : the four-hour candlestick closing was below the level 1.54350 for the pair Sterling against the U.S. dollar , The pair strongly ascended attacking the pivotal resistance at 1.54350 thereby maintaining chances of resuming the awaited bearish trend, supported by momentum indicators closely nearing overbought areas. Our morning expectations will prevail if we do not witness a daily closing above 1.5435.



USD/JPY : The pair gradually neared the awaited resistance level at 84.000, accompanied by Stochastic losing bullish momentum; therefore, our expectations will prevail if an initial base is built above 84.000.



Senior Analyst / Ali Hasan /FXCBS

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