Technical Analysis 23/09/2010 FXCBS

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Thursday September 23 , 2010

Previous session overview

The pair Euro against U.S. dollar traded during the Asis session between the lowest level 1.33633 and the highest level at 1.34138 , the pair trading now around the level of 1.33815.

The pair Sterling against U.S. dollar traded during the Asis session between the lowest level 1.56334 and the highest level at 1.56862 , the pair trading now around the level of 1.5632.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asia session in a narrow range between the lowest level at 84.462 and the highest level at 84.671 , the pair trading now around the level of 84.637.

Market Expectations

EUR/USD : The pair Euro against the U.S. dollar succeed to touch the main resistance point at 1.34300, saturation in the procurement process seen through indicators (four hours candlestick) , so we expect a down correction for the pair to the level 1.32000 if the pair can penetrate it , the pair will go to the level 1.31300 but if it cant it will return to rise again so we should be carful at that level .



GBP/USD : The pair Sterling against the U.S dollar could stabile above the level 1.55600 last days which push it to rise to close near the target of 1.57000 , we expect today more up trend to the level 1.57900 , these expectations require stability of the trading above the level of 1.55650.


USD/JPY : The pair is witnessing more negative pressure as it touches 38.2% Fibonacci correction around 84.700 we can expect a bullish intraday direction that will start targets at 85.850 then 87.000, which require the daily closing above 84.00 to continue.




Senior Analyst / Ali Hasan /FXCBS

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