Technical analysis 08/12/09 of FXCBS

Previous session overview

The euro against the dollar traded in a narrow range during the Asian session and achieves the lowest price at 1.47819 and the highest price at 1.48671, the pair now trading at the levels of 1.48194.

Sterling fell against the dollar during the Asian session and achieves the lowest price at the level 1.63260, the pair now trading at the level 1.63696.

The dollar fell against the yen during the Asian session after the issued of the economic data there; the pair achieves the lowest at the level 88.762 and the highest at the level 89.506, trading at this time between the level 89.250 and 88.980.

Market Expectations

EUR/USD :

Today we expect that the pair Euro against the U.S dollar will drop down to the level 1.47350 then 1.46650 , this expectations need stability of trading below the broken support areas at the level 1.49040 and requires 1.49040 to remain intact and come in below it in the four hour closing.

GBP/USD :

We expect that the pair starling against U.S dollar will drop down to the level 1.62970 then to the level 1.62300 , all of that will happen after the pair finish its correction which was started last day and arrive to the level 1.64400.

USD/JPY :

We expect the dollar against the yen to rise today after he completed its corrective which was started yesterday and we expect that those rising will arrive to the level 91.250 and that requires Constant of trading over the level 88.550.

Ali Hasan / Senior Analyst /FXCBS
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