Technical Analysis 12/10/2010 FXCBS

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Tuesday October 12 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asia session between the highest level at 1.38869 and the lowest level at 1.38069, the pair trading now around the level of 1.38445.

Regarding to the pair Sterling against the U.S. dollar traded during the Asia session between the highest level at 1.59169 and the lowest level at 1.58613, the pair trading now around the level of 1.58886.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asia session between the lowest level at 81.802 and the highest level at 82.357 , the pair trading now around the level of 81.944.

Market Expectations

EUR/USD : We expect a decline for the pair Euro against the U.S dollar today to the level of 1.38800 then to main support level of 1.38400, determined indicators show strong saturation in the purchasing process which supports our expectations.

http://www.fxcbs.com/newsletter/images/EURUSD.gif

GBP/USD : The pair Sterling against the U.S. dollar couldn’t break through the support level at 1.59650 and it’s stable below it and close four hours candle stick below it, which may lead the pair to decline to the level of 1.58780 then to the level of 1.58000.

http://www.fxcbs.com/newsletter/images/GBPUSD.gif


USD/JPY : We expect a bullish intraday trend, supported by a bullish crossover appearing on Stochastic. The expected targets start at 82.980 then 83.250, which require the daily closing above 82.000 to prevail.

http://www.fxcbs.com/newsletter/images/USDJPY.gif


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