Technical Analysis 9/09/2010 FXCBS

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Thursday September 9 , 2010

Previous session overview

The pair Euro against U.S. dollar traded during the Asia session between the highest level at 1.27428 and the lowest level at 1.26644, the pair trading now around the level of 1.26813.

Regarding to the pair Sterling against the U.S. dollar also traded during the Asia session between the highest level at 1.54766 and the lowest level at 1.53999 , while the pair trading now around the level of 1.54247.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asia session between the lowest level at 83.602 and the highest level at 84.024 , the pair trading now around the level of 83.712.

Market Expectations

EUR/USD : We expect today a decline for the pair Euro against the U.S. dollar to the level 1.26160 at the first and if it can breakthrough this level it may lead the pair to the new target at 1.25450, these expectation require stability of the trading below the level of 1.27300.



GBP/USD : We expect today a mixed trading for the pair Sterling against the U.S. dollar, so we advice our clients to monitor the price level today for the both level 1.53650 and the level up 1.55150.




USD/JPY : The pair retested from the level 84.050 to start the suggested bearish wave that was previously suggested, supported by the negative direction appearing on Stochastic alongside stability below the MA 50. These factors make us expect a bearish intraday direction that targets chiefly the key support level for the current bearish channel at 82.400, while resuming it requires the four hour closing below 84.050.





Senior Analyst / Ali Hasan /FXCBS

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