Technical Analysis 12/03/2010 of FXCBS

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Friday March 12 , 2010

Previous session overview

[9:59:37 AM] Wael Salem: The euro dollar pair is currently trading between the 1.3710 levels and 1.3670 levels recording a high of 1.37072 and a low of 1.36693, having the union currency trading around 1.36934.

Regarding the pound dollar pair, it is fluctuating between a high of 1.50875 and a low of 1.50358, having the royal currency trading around 1.50413.

Finally, the dollar yen pair recorded a high of 90.743 and a low of 90.473, and the pair is currently trading around 90.633.

   
Market Expectations

EUR/USD :Stochastic indicator for the pair Euro against the U.S. dollar appears saturated in the procurement process as shown by the hour and four hours chart, the pair failed to break the resistance level at 1.37050, we expect today decline for the pair to the target level of 1.35800, and this requires penetration of the near support level 1.36620.



GBP/USD : We expect today for the pair sterling against the U.S. dollar back down to test the resistance level again at 1.49900, in case the pair can penetrate this level it will decline to the 1.49400 and then 1.48300.



USD/JPY :The dollar against the yen Continue volatility near the level of 90,650 , today we expect a continuation of the volatility around this level and in the event of breakthrough the pair will rise to 91.450.




Senior Analyst / Ali Hasan /FXCBS

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