Technical analysis 21/12/09 of FXCBS
This is technical daily and provided by specialists and analysts from FXCBS
Previous session overview
Dollar continues to show more strength against major currencies and that is reflected by the increased demand for the dollar, movement of the EUR against the U.S. dollar was weak during the Asian session the highest price was at 1.43585 and the lowest at 1.42995, now the pair is trading around 1.43079 levels.
The pound against the dollar also has weakened during the Asian session; the highest was at 1.61642 and the lowest at 1.61092, now the pair is trading around 1.61269 levels.
The dollar against yen was also weak at the Asian session, and achieved the highest at 90.658 and the lowest price at 90.241, now the pair is trading around 90.561 levels.
Market Expectations
EUR/USD :
We expect today that the pair Euro against U.S. dollar will attempt a correction to the level 1.44000, then fall to the level of 1.41000 and then to the main support point at 1.40250, the general trend this week is bearish , and this expectation require stability of trading below 1.45250.
GBP/USD :
Today we expect some fluctuation for the movement of the pair sterling against the U.S. dollar before continuing its decline to the level 1.6000 and then to the level 1.59450 this expectation requires stability of trading below the level 1.63250.
USD/JPY :
The dollar against the Japanese yen completed its correction to hit the resistance point of 91.250, stochastic indicator appears saturated in the procurement process which may lead the pair once again to touch 88.35 and that requires constant trading below 91.250.
USD/CAD :
Momentum indicators are negatively pressuring the pair to attempt to bearishly correction to try to gain enough bullish momentum to support the bullish short term direction expected for this week and targets mainly 1.0960 following 1.1135, while keeping in mind that the bullish direction will prevail if the daily close remains above 1.0485.
Senior Analyst / Ali Hasan / FXCBS
|
